ING to repurchase shares for employee compensation
ING to repurchase shares for employee
compensation
ING announced today the start of a share repurchase programme
under which it plans to repurchase ordinary shares of ING Groep
N.V., for a maximum total amount of €50 million. The purpose of the
share repurchase programme is to meet obligations under the
share-based compensation plans.
ING Group’s CET1 ratio was 14.5% at the end of the fourth
quarter of 2022, which is well above the prevailing CET1 ratio
requirement of 10.58%. After fulfilling delivery obligations under
the employee share-based compensation scheme, the buyback programme
has negligible impact on our CET1 ratio.
The share repurchase will commence on 1 March 2023 and is
expected to end no later than 7 March 2023.
The ECB has approved the repurchase, 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 25 April 2022.
ING will provide 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.
Note for editors
For further information on ING, please visit www.ing.com.
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Press
enquiries |
|
Investor
enquiries |
Daan
Wentholt |
|
ING Group
Investor Relations |
+31 20 576 63
86 |
|
Investor.Relations@ing.com |
Daan.Wentholt@ing.com |
|
|
|
|
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ING PROFILEING 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 off er retail and wholesale
banking services to customers in over 40 countries.
ING Group shares are listed on the exchanges of Amsterdam (INGA
NA, INGA.AS), Brussels and on the New York Stock Exchange (ADRs:
ING US, ING.N).
Sustainability is an integral part of ING’s strategy, evidenced
by ING’s leading position in sector benchmarks. ING's
Environmental, Social and Governance (ESG) rating by MSCI was
affirmed 'AA' in September 2022. As of August 2022, Sustainalytics
considers ING’s management of ESG material risk to be ‘strong’, and
in June 2022 ING received an ESG rating of 'strong' from S&P
Global Ratings. ING Group shares are also included in major
sustainability and ESG index products of leading providers
Euronext, STOXX, Morningstar and FTSE Russell.
IMPORTANT LEGAL INFORMATION
Elements of this press release contain or may contain
information about ING Groep N.V. and/ or ING Bank N.V. within the
meaning of Article 7(1) to (4) of EU Regulation No 596/2014.
Certain of the statements contained herein are not historical
facts, including, without limitation, certain statements made of
future expectations and other forward-looking statements that are
based on management’s current views and assumptions and involve
known and unknown risks and uncertainties that could cause actual
results, performance or events to differ materially from those
expressed or implied in such statements. Actual results,
performance or events may differ materially from those in such
statements due to a number of factors, including, without
limitation: (1) changes in general economic conditions and customer
behaviour, in particular economic conditions in ING’s core markets,
including changes affecting currency exchange rates and the
regional and global economic impact of the invasion of Russia into
Ukraine and related international response measures (2) effects of
the Covid-19 pandemic and related response measures, including
lockdowns and travel restrictions, on economic conditions in
countries in which ING operates, on ING’s business and operations
and on ING’s employees, customers and counterparties (3) changes
affecting interest rate levels (4) any default of a major market
participant and related market disruption (5) changes in
performance of financial markets, including in Europe and
developing markets (6) fiscal uncertainty in Europe and the United
States (7) discontinuation of or changes in ‘benchmark’ indices (8)
inflation and deflation in our principal markets (9) changes in
conditions in the credit and capital markets generally, including
changes in borrower and counterparty creditworthiness (10) failures
of banks falling under the scope of state compensation schemes (11)
non-compliance with or changes in laws and regulations, including
those concerning financial services, financial economic crimes and
tax laws, and the interpretation and application thereof (12)
geopolitical risks, political instabilities and policies and
actions of governmental and regulatory authorities, including in
connection with the invasion of Russia into Ukraine and related
international response measures (13) legal and regulatory risks in
certain countries with less developed legal and regulatory
frameworks (14) prudential supervision and regulations, including
in relation to stress tests and regulatory restrictions on
dividends and distributions (also among members of the group) (15)
regulatory consequences of the United Kingdom’s withdrawal from the
European Union, including authorizations and equivalence decisions
(16) ING’s ability to meet minimum capital and other prudential
regulatory requirements (17) changes in regulation of US
commodities and derivatives businesses of ING and its customers
(18) application of bank recovery and resolution regimes, including
write down and conversion powers in relation to our securities (19)
outcome of current and future litigation, enforcement proceedings,
investigations or other regulatory actions, including claims by
customers or stakeholders who feel misled or treated unfairly, and
other conduct issues (20) changes in tax laws and regulations and
risks of non-compliance or investigation in connection with tax
laws, including FATCA (21) operational and IT risks, such as system
disruptions or failures, breaches of security, cyber-attacks, human
error, changes in operational practices or inadequate controls
including in respect of third parties with which we do business
(22) risks and challenges related to cybercrime including the
effects of cyberattacks and changes in legislation and regulation
related to cybersecurity and data privacy (23) changes in general
competitive factors, including ability to increase or maintain
market share (24) inability to protect our intellectual property
and infringement claims by third parties (25) inability of
counterparties to meet financial obligations or ability to enforce
rights against such counterparties (26) changes in credit ratings
(27) business, operational, regulatory, reputation, transition and
other risks and challenges in connection with climate change and
ESG-related matters (28) inability to attract and retain key
personnel (29) future liabilities under defi ned benefit retirement
plans (30) failure to manage business risks, including in
connection with use of models, use of derivatives, or maintaining
appropriate policies and guidelines (31) changes in capital and
credit markets, including interbank funding, as well as customer
deposits, which provide the liquidity and capital required to fund
our operations, and (32) the other risks and uncertainties detailed
in the most recent annual report of ING Groep N.V. (including the
Risk Factors contained therein) and ING’s more recent disclosures,
including press releases, which are available on www.ING.com.
This document may contain inactive textual addresses to internet
websites operated by us and third parties. Reference to such
websites is made for information purposes only, and information
found at such websites is not incorporated by reference into this
document. ING does not make any representation or warranty with
respect to the accuracy or completeness of, or take any
responsibility for, any information found at any websites operated
by third parties. ING specifically disclaims any liability with
respect to any information found at websites operated by third
parties. ING cannot guarantee that websites operated by third
parties remain available following the publication of this
document, or that any information found at such websites will not
change following the filing of this document. Many of those factors
are beyond ING’s control.
Any forward looking statements made by or on behalf of ING speak
only as of the date they are made, and ING assumes no obligation to
publicly update or revise any forward-looking statements, whether
as a result of new information or for any other reason.
This document does not constitute an offer to sell, or a
solicitation of an offer to purchase, any securities in the United
States or any other jurisdiction.
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