ING Achieves Significant Milestone in Share Buyback Program
ING has made noteworthy progress on its €2.5 billion share buyback initiative, which was announced in early May. As part of this program, the company successfully repurchased a staggering 4,156,092 shares during the week of September 30, 2024, concluding on October 4, 2024. This strategic move highlights ING's commitment to bolstering shareholder value while also reducing its overall share capital.
Financial Impact of the Share Buyback
The shares were secured at an average price of €16.01, resulting in a total expenditure of €66,525,462.10 for that particular week. To date, the overall number of shares repurchased under this buyback scheme has reached an impressive 144,642,324 ordinary shares at an average price of €15.95, culminating in a significant total investment of €2,307,306,900.59. Remarkably, approximately 92.29% of the total authorized budget for the program has already been utilized, showcasing the program's swift execution.
Company Overview and Market Presence
ING is globally recognized as a leading financial institution with a robust foundation across Europe. With more than 60,000 employees, ING offers a range of banking services through ING Bank to customers in over 40 countries. This solid operational framework supports ING's ambitions to empower individuals and businesses to thrive in an ever-evolving financial landscape. Furthermore, ING Group shares are listed on various exchanges including Amsterdam and Brussels, along with the New York Stock Exchange under the ticker symbol ING (ING.N).
Commitment to Sustainability
ING places a high priority on sustainability. The company strives to integrate sustainability into its core operations and values, as evidenced by its recognition from various environmental, social, and governance (ESG) rating agencies. In a 2023 assessment from Sustainalytics, ING was acknowledged for its strong management of ESG material risk. Meanwhile, MSCI reaffirmed ING's ESG rating at 'AA' in August 2024, reflecting the institution's ongoing commitment to responsible banking practices.
Contact Information for Inquiries
For any press or investor inquiries, you can reach:
Press Enquiries
Christoph Linke
Contact Number: +31 20 576 5000
Email: Christoph.Linke@ing.com
Investor Enquiries
ING Group Investor Relations
Contact Number: +31 20 576 6396
Email: Investor.Relations@ing.com
Frequently Asked Questions
What is the purpose of the ING share buyback program?
The primary aim of the share buyback program is to reduce ING's share capital while enhancing shareholder value.
How many shares has ING repurchased to date?
As of now, ING has repurchased a total of 144,642,324 ordinary shares as part of its buyback program.
What average price was paid for shares during the recent repurchase?
ING repurchased shares at an average price of €16.01 during the week of September 30 to October 4, 2024.
How does ING ensure sustainability in its operations?
ING integrates sustainability into its core practices and has received positive evaluations from ESG rating agencies, highlighting its responsible banking efforts.
Where can I find more information about ING?
For additional details about ING, you can visit their official website.
