ING announces share buyback programme of up to €1.5 billion
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.
Note for editors
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www.ing.com. Frequent news updates can be found in the Newsroom or
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presentations are available at SlideShare.
Press enquiries |
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Investor enquiries |
Christoph Linke |
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ING Group Investor Relations |
+31 20 576 5000 |
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+31 20 576 6396 |
Christoph.Linke@ing.com |
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Investor.Relations@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 offer retail and wholesale banking
services to customers in over 40 countries.
ING Group shares are listed on the exchanges of
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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.
ING Group’s annual accounts are prepared in accordance
with International Financial Reporting Standards as adopted by the
European Union (‘IFRS- EU’). In preparing the financial information
in this document, except as described otherwise, the same
accounting principles are applied as in the 2022 ING Group
consolidated annual accounts. All figures in this documentare
unaudited. Small differences are possible in the tables due to
rounding.
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) ongoing and
residual effects of the Covid-19 pandemic and related response
measures on economic conditions in countries in which ING operates
(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 the 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)
ING’s ability to meet minimum capital and other prudential
regulatory requirements (16) changes in regulation of US
commodities and derivatives businesses of ING and its customers
(17) application of bank recovery and resolution regimes, including
write down and conversion powers in relation to our securities (18)
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 (19) changes in tax laws and regulations and
risks of non-compliance or investigation in connection with tax
laws, including FATCA (20) 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
(21) risks and challenges related to cybercrime including the
effects of cyberattacks and changes in legislation and regulation
related to cybersecurity and data privacy (22) changes in general
competitive factors, including ability to increase or maintain
market share (23) inability to protect our intellectual property
and infringement claims by third parties (24) inability of
counterparties to meet financial obligations or ability to enforce
rights against such counterparties (25) changes in credit ratings
(26) business, operational, regulatory, reputation, transition and
other risks and challenges in connection with climate change and
ESG-related matters (27) inability to attract and retain key
personnel (28) future liabilities under defined benefit retirement
plans (29) failure to manage business risks, including in
connection with use of models, use of derivatives, or maintaining
appropriate policies and guidelines (30) 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 (31) 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
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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.
- ING announces share buyback programme of up to €1.5
billion
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