People moves

ING Luxembourg appoints Michael Burch as CEO

Michael Burch will become ING Luxembourg’s next CEO on 1 July (Photo: BlackRock)

Michael Burch will become ING Luxembourg’s next CEO on 1 July (Photo: BlackRock)

ING Luxembourg has appointed Michael Burch as CEO from 1 July. He will be joining the bank from BlackRock Asset Mangement to succeed Colette Dierick.

Dierick has served as CEO of ING Luxembourg since 2016 and will be leaving the group after 35 years, having held key leadership roles in Belgium and Luxembourg since joining in 1984.

Burch was country manager in Hungary for BlackRock and previously chief operating officer and country manager ad interim for BlackRock in Switzerland.

“Michel brings extensive experience and expertise in asset management, private banking and wealth management as well as retail banking,” a statement published on 11 May said. “ING Luxembourg will benefit from his entrepreneurial spirit and proven track record in operations and digital transformation.”

Prior to working for BlackRock, Burch held various roles at Kleinwort Benson Bank in Hungary, Switzerland and the UK, and worked as a principal in the financial services industry for BCG in Switzerland and the US.

Burch left BlackRock in June 2021 and his LinkedIn profile lists his current occupation as being on garden leave. 

Dierick will stay in her post until the end of June to ensure a smooth transition.

ING Luxembourg has yet to post its 2021 annual results. For 2020, the bank posted a net profit of €90m, down 22% compared to the year before. The lender counts more than 130,000 clients in the grand duchy.