Dutch Banking Giants Helped Clients Go Offshore

ING and ABN Amro set up dozens of companies in island tax havens.

The Dutch banks ING and ABN Amro registered dozens of companies for their clients in offshore refuges with lovely beaches and low tax rates such as the British Virgin Islands, the Cook Islands and the Malaysian island of Labuan, an investigation by Dutch newspaper Trouw and the International Consortium of Investigative Journalists has found.

ING CEO says things won’t change after sale

Peter Aceto, the CEO of ING Direct, was the eighth employee to be hired when the bank opened for business in April 1997.

Now he’s in limbo, waiting for Scotiabank’s $3.1 billion acquisition of the Dutch-owned bank to be completed.

Announced in August, the deal should close by the end of December if the Competition Bureau, Office of the Superintendent of Financial Institutions and Ontario Securities Commission give their approval.

So, what’s ahead for ING’s 1.8 million customers? As part of that group, I’m also wondering what will happen.