ING Launches Expansive Share Buyback Program for €2.0 Billion
ING Completes Previous Share Buyback
Recently, ING has reached a significant milestone by finalizing its share buyback program, as announced previously. Throughout this initiative, the institution successfully repurchased a total of 125,848,305 ordinary shares, with an average repurchase price sitting at €15.84. Altogether, the total investment for this buyback reached approximately €1.99 billion, which clearly underscores ING's commitment to enhancing shareholder value.
Last Phase of the Buyback Program
The final week of the previous buyback saw remarkable activity, where from late April, specifically between April 28 and April 30, ING executed purchases totaling 6,872,040 shares. These shares were procured at an average price of €17.12, accumulating a total expenditure of around €117.68 million. This strategic move not only reflects ING's proactive approach but also its financial stability during these times.
New Share Buyback Program Announced
With the previous buyback successfully complete, ING is excited to announce a new share buyback program. This initiative aims to repurchase ordinary shares of ING Groep N.V., intended for a maximum amount of €2.0 billion. The primary objective is to sharpen our CET1 ratio towards meeting targeted benchmarks efficiently.
Maintaining Robust CET1 Ratio
Currently, ING Group's CET1 ratio stands at an impressive 13.6%. This figure significantly surpasses the regulatory requirement, which is positioned at 10.76%, highlighting the institution's robust financial health. The upcoming share buyback program is anticipated to further influence this ratio, potentially impacting it by approximately 59 basis points.
Execution and Approval
Initiating on May 2, 2025, the new buyback program is anticipated to wrap up no later than October 27, 2025. Notably, the European Central Bank (ECB) has authorized this initiative, which will be executed in strict adherence to the Market Abuse Regulation. Additionally, there are clear guidelines regarding the maximum of 20% of issued shares, as sanctioned by the general shareholders' meeting.
Financial Intermediary Guidance
To run the buyback seamlessly, ING has engaged a financial intermediary under a non-discretionary arrangement. Their expertise will ensure efficient handling of the program, allowing for transparent transactions during the buyback phase.
Corporate Communication
For those interested in tracking the buyback's daily progress, including individual transactions and periodic reports, ING encourages all stakeholders to visit its official website for the latest updates. This commitment to transparency and communication reinforces ING's dedication to its shareholders.
Contact Information
For further inquiries, the public can reach out through the following channels:
Press inquiries: Raymond Vermeulen - +31 20 576 5000, Raymond.Vermeulen@ing.com
Investor inquiries: ING Group Investor Relations - +31 20 576 6396, Investor.Relations@ing.com
About ING
As a premier global financial institution with deep European roots, ING offers a full spectrum of banking services through its operating company, ING Bank. With more than 60,000 dedicated employees, ING prides itself on empowering individuals to stay ahead in their financial endeavors across over 100 countries. The commitment to sustainability remains at the core of ING's values, reflecting their vision to support a low-carbon economy while managing robust financial operations.
Frequently Asked Questions
What prompted ING to initiate a new share buyback program?
The motivation centers around enhancing shareholder value and aligning ING’s CET1 ratio with targeted benchmarks.
How much did ING spend on the completed share buyback?
ING invested approximately €1.99 billion to repurchase over 125 million shares in the previous program.
What is the expected impact of the new buyback program on ING's CET1 ratio?
The new program is expected to influence the CET1 ratio by about 59 basis points, indicating a strategic move towards financial fortification.
Who oversees the execution of the buyback program?
ING has engaged a financial intermediary to conduct the buyback under a straightforward arrangement, ensuring compliance and operational integrity.
Where can shareholders find more information regarding the buyback transactions?
Shareholders can find detailed updates and reports on the ongoing buyback program on ING's official website.
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