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New CEO for ING Direct Australia

With chief executive Vaughn Richtor set to retire after 24 years with ING Direct Australia, the bank has announced a replacement.

Uday Sareen has been named as ING Direct Australia's new chief executive and is set to commence in the role in June 2016.

Mr Sareen previously held the position of deputy chief executive at India-based ING Vysya Bank, responsible for strategy and wholesale banking.

He will replace Mr Richtor following his decision to retire after 24 years as chief executive.

Commenting on Mr Richtor's departure, ING Direct chair Michael Katz said: "Vaughn will be leaving a highly successful bank that he guided with passion and enthusiasm from the very first day of business."

ING Group head of challengers and growth markets Aris Bogdaneris said: "I want to thank Vaughn for his dedication and commitment over the past 24 years.

"I am pleased that he will be succeeded by Uday, whose longstanding experience in retail banking will contribute to ING Direct Australia going from strength to strength," Mr Bogdaneris said.