PHD picked up the business after a final shoot-out against MPG, as revealed by Campaign on Brand Republic. OMD also competed, but was knocked out an earlier stage. The AAR handled the pitch.
Marc Mendoza, the managing partner at MPG, said staff working on the business would be switched to other accounts.
He added: "We are obviously disappointed to be parting company with ING Direct as the client has emphasised that MPG has played a key role in the successful launch and growth of the business in the UK over the past three years."
PHD takes on the planning and buying for the business from 1 January. ING is expected to almost double its spend next year on the back of new product launches.
Gina Fusco, the sales and marketing director at ING Direct, said: "These things are always difficult, but PHD showed a great understanding of our brand and demonstrated how it could add tremendous value."