ING announces share buyback programme of up to €1.5 billion
ING announced today a share buyback programme under which it plans to repurchase ordinary shares of ING Groep N.V., for a maximum total amount of €1.5 billion.
The purpose of the share buyback programme is to reduce the share capital of ING. It is a next step in converging our CET1 ratio towards our target of around 12.5% by 2025, as announced during our Investor Update in June 2022.
ING Group’s CET1 ratio was 14.8% at the end of the first quarter of 2023 which is well above the prevailing CET1 ratio requirement of 10.73%. The buyback programme will have an impact of approximately 46 bps on our CET1 ratio. The share buyback programme will commence on 12 May 2023 and is expected to end no later than 18 October 2023.
The ECB has approved the programme, which will be executed in compliance with the Market Abuse Regulation and within the limitations of the existing authority to acquire a maximum of 10% of the issued shares as granted by the general meeting of shareholders on 24 April 2023.
ING has entered into a non-discretionary arrangement with a financial intermediary to conduct the buyback.
ING will provide weekly updates on the progress of the programme via a press release and on the Investor Relations section of the ING website: https://www.ing.com/Investor-relations/Share-information/Share-buyback-programme.htm.
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ING is a global financial institution with a strong European base, oﬀering banking services through its operating company ING Bank. The purpose of ING Bank is: empowering people to stay a step ahead in life and in business. ING Bank’s more than 58,000 employees oﬀer retail and wholesale banking services to customers in over 40 countries.
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