AUSTRALIAN bank fees are higher and more complex than their European counterparts, the new chief of ING Direct Australia, Eric Drok, said, after he unveiled a 35 per cent jump in annual profit to $122.4 million.
ING Direct is a branchless bank offering savings accounts paying high interest rates, accessed via the internet, and cheap mortgages.
Mr Drok, a Netherlands native who relocated to Australia two months ago to take the top local spot in ING Direct's growing global franchise, criticised Australia's major banks for over-complexity and lack of transparency in fee-setting.
