ING Newsroom

ING Bank Appoints Rob Carnell as Chief Economist and Head of Research Asia-Pacific; Tim Condon to Retire

Published on 19/06/2017

19 June 2017: ING Bank today announced that effective 1 July 2017, Rob Carnell, currently ING’s Chief International Economist, will succeed Tim Condon as Chief Economist and Head of Research Asia-Pacific, and relocate from London to Singapore.

Rob Carnell joined ING in October 2004. Prior to his Asia Pacific role, he led the coverage of the US economy and covered Eurozone economics for ING financial markets. Rob and his multiple-award winning team were one of the first market economists to accurately forecast and time the US housing collapse that eventually led to the global financial crisis in 2008. They have also frequently ranked top of the Bloomberg surveys for the accuracy of their US GDP forecasts.

In his new role, Rob will be responsible for heading Asia Pacific research management, covering the whole of Asia, Australia and New Zealand. He will functionally report to Mark Cliffe, Group Chief Economist.
Tim Condon joined ING Barings in 1999 to head the bank’s economic and financial markets research for Asia ex-Japan. He’s retiring at the end of June after more than 18 years of dedicated service at ING in Hong Kong (until 2004) and Singapore.

“Over the years, our clients have highly appreciated Tim’s strong views on political events and macro-trends in the region. We wish Tim all the best in his well-deserved retirement,” said Gerrit Stoelinga, Head of ING Wholesale Banking Asia. “We are fortunate to have Rob as his successor.”

Mark Cliffe added: “Tim has been the face of ING for the best part of twenty years, and will be a tough act to follow. Rob will bring his own distinctive style to the analysis of an increasingly important region.”


Press enquiries:
Singapore, Sydney
Eileen Lau
ING Banking Asia
+65 6539 7725 / +65 8298 3208

ING Profile
ING is a global financial institution with a strong European base, offering banking services through its operating company ING Bank. The purpose of ING Bank is empowering people to stay a step ahead in life and in business. ING Bank’s more than 52,000 employees offer retail and wholesale banking services to customers in over 40 countries.
ING Group shares are listed (in the form of depositary receipts) on the exchanges of Amsterdam (INGA NA, ING.AS), Brussels and on the New York Stock Exchange (ADRs: ING US, ING.N).
Sustainability forms an integral part of ING’s corporate strategy, which is evidenced by ING Group shares being included in the FTSE4Good index and in the Dow Jones Sustainability Index (Europe and World) where ING is among the leaders in the Banks industry group.
ING Banking AsiaING Bank covers Wholesale, Retail and Direct Banking in Asia Pacific. Our wholesale banking business is present and active in 13 major economies in the Asia Pacific, namely Australia, China, Hong Kong SAR, Indonesia, Japan, Malaysia, Mongolia, the Philippines, Singapore, South Korea, Taiwan, Thailand and Vietnam. ING’s presence in Asia also includes a 13.6% stake in Bank of Beijing, China; a 3.9% stake in Kotak Mahindra Bank, India; a 30.0% stake in TMB Bank, Thailand; and a 100% stake in ING Direct in Australia.

Important legal information
Certain of the statements contained in this document are not historical facts, including, without limitation, certain statements made of future expectations and other forward-looking statements that are based on management’s current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. Actual results, performance or events may differ materially from those in such statements due to, without limitation: (1) changes in general economic conditions, in particular economic conditions in ING’s core markets, (2) changes in performance of financial markets, including developing markets, (3) consequences of a potential (partial) break-up of the euro, (4) ING’s implementation of the restructuring plan as agreed with the European Commission, (5) changes in the availability of, and costs associated with, sources of liquidity such as interbank funding, as well as conditions in the credit markets generally, including changes in borrower and counterparty creditworthiness, (6) the frequency and severity of insured loss events, (7) changes affecting mortality and morbidity levels and trends, (8) changes affecting persistency levels, (9) changes affecting interest rate levels, (10) changes affecting currency exchange rates, (11) changes in investor, customer and policyholder behaviour, (12) changes in general competitive factors, (13) changes in laws and regulations, (14) changes in the policies of governments and/or regulatory authorities, (15) conclusions with regard to purchase accounting assumptions and methodologies, (16) changes in ownership that could affect the future availability to us of net operating loss, net capital and built-in loss carry forwards, (17) changes in credit-ratings, (18) ING’s ability to achieve projected operational synergies and (19) the other risks and uncertainties detailed in the risk factors section contained in the most recent annual report of ING Groep N.V.
Any forward-looking statements made by or on behalf of ING speak only as of the date they are made, and, ING assumes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information or for any other reason. This document does not constitute an offer to sell, or a solicitation of an offer to buy, any securities.

Media Enquiries

David Breen
Head of Corporate Affairs
0412 933 060

Megan Landauro
Public Relations Manager
0413 317 225

60 Margaret Street
Sydney NSW 2000

© Copyright 2021 ING.
ING is a business name of ING Bank (Australia) Limited ABN 24 000 893 292 AFSL/ACL 229823.
ING’s colour orange is a trade mark of ING and the ING Group of companies.