Banks: Deutsche Bank manager Stoy new head of the direct bank ING

Europe’s largest direct bank ING has a new boss: Lars Stoy took over as CEO of ING Germany at the beginning of the new year. The long-time Deutsche Bank manager succeeds Nick Jue, who had led the institute since June 1, 2017.

Stoy worked for the Deutsche Bank Group for 16 years, most recently as head of the private customer bank Germany since May 2021. In the home market of Germany’s largest financial institution, he was responsible for both the broad private customer business of Deutsche Bank and Postbank as well as the business with wealthy customers.

The Dutchman Jue, who, according to the bank, has decided to return to his homeland, was able to report a record profit in his last balance sheet presentation: In 2023, pre-tax profit more than doubled to around 2.47 billion euros within a year, and the surplus increased by more than 130 percent to almost 1.66 billion euros.

Target ten million customers

Jue also recently took another look at the goal of ten million customers that had been achieved in the meantime. Since the European Central Bank (ECB) ended the era of zero and negative interest rates in July 2022, banks and savings banks no longer have to pay interest when they park money at the central bank, but rather earn money from it. This is why financial institutions attract new customers because they can make money with new deposits.

In April 2023, the direct bank, which is 100 percent owned by the Dutch financial group ING, was the first major bank in this country to significantly increase overnight interest rates for existing customers. ING Germany was able to increase its customer number by a good 250,000 to almost 9.4 million by the end of 2023. ING Germany is also striving for growth in its business with corporate customers.

ING Germany on the appointment of Stoy September 6th, 2024 Deutsche Bank on the departure of Stoy September 6th, 2024 ING Germany on the 2023 balance sheet ING Germany board of directors