Progress on share buyback programme
Progress on share buyback programme
ING announced today that, as part of our €2.5 billion share
buyback programme announced on 2 May 2024, the company repurchased
17,906,678 shares during the week of 12 August 2024 up to and
including 16 August 2024.
The shares were repurchased at an average price of €15.43 for a
total amount of €276,369,480.74. For detailed information on the
daily repurchased shares, individual share purchase transactions
and weekly reports, see the ING website at
www.ing.com/investorrelations.
In line with the purpose of the programme to reduce the share
capital of ING, the total number of shares repurchased under this
programme to date is 113,058,837 ordinary shares at an average
price of €15.91 for a total consideration of €1,798,245,459.63. To
date approximately 71.93% of the maximum total value of the share
buyback programme has been completed.
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Press
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Investor enquiries |
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ING
Group Investor Relations |
+31 20 576
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+31
20 576 6396 |
Marc.Smulders@ing.com |
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Investor.Relations@ing.com |
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ING PROFILE
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 60,000 employees
offer 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).
ING aims to put sustainability at the heart of what we do. ING’s
sustainability efforts have been recognised externally by
environmental, social and governance (ESG) rating agencies and
other benchmarks. In 2023, Sustainalytics assessed our management
of ESG material risk as ‘strong’. In July 2023, ING's ESG rating by
MSCI was reconfirmed as 'AA'. ING’s shares are included in the
sustainability indices of Euronext, STOXX, FTSE Russell and
Morningstar.
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
(‘Market Abuse Regulation’).
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 2023 ING Group
consolidated annual accounts. All figures in this document are
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) changes
affecting interest rate levels (3) any default of a major market
participant and related market disruption (4) changes in
performance of financial markets, including in Europe and
developing markets (5) fiscal uncertainty in Europe and the United
States (6) discontinuation of or changes in ‘benchmark’ indices (7)
inflation and deflation in our principal markets (8) changes in
conditions in the credit and capital markets generally, including
changes in borrower and counterparty creditworthiness (9) failures
of banks falling under the scope of state compensation schemes (10)
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 (11)
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 (12) legal and regulatory risks in
certain countries with less developed legal and regulatory
frameworks (13) prudential supervision and regulations, including
in relation to stress tests and regulatory restrictions on
dividends and distributions (also among members of the group) (14)
ING’s ability to meet minimum capital and other prudential
regulatory requirements (15) changes in regulation of US
commodities and derivatives businesses of ING and its customers
(16) application of bank recovery and resolution regimes, including
write down and conversion powers in relation to our securities (17)
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 (18) changes in tax laws and regulations and
risks of non-compliance or investigation in connection with tax
laws, including FATCA (19) 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 and
including any risks as a result of incomplete, inaccurate, or
otherwise flawed outputs from the algorithms and data sets utilized
in artificial intelligence (20) risks and challenges related to
cybercrime including the effects of cyberattacks and changes in
legislation and regulation related to cybersecurity and data
privacy, including such risks and challenges as a consequence of
the use of emerging technologies, such as advanced forms of
artificial intelligence and quantum computing (21) changes in
general competitive factors, including ability to increase or
maintain market share (22) inability to protect our intellectual
property and infringement claims by third parties (23) inability of
counterparties to meet financial obligations or ability to enforce
rights against such counterparties (24) changes in credit ratings
(25) business, operational, regulatory, reputation, transition and
other risks and challenges in connection with climate change and
ESG-related matters, including data gathering and reporting (26)
inability to attract and retain key personnel (27) future
liabilities under defined benefit retirement plans (28) failure to
manage business risks, including in connection with use of models,
use of derivatives, or maintaining appropriate policies and
guidelines (29) 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 (30) 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 ESG-related material that has been
prepared by ING on the basis of publicly available information,
internally developed data and other third-party sources believed to
be reliable. ING has not sought to independently verify information
obtained from public and third-party sources and makes no
representations or warranties as to accuracy, completeness,
reasonableness or reliability of such information.
Materiality, as used in the context of ESG, is distinct from,
and should not be confused with, such term as defined in the Market
Abuse Regulation or as defined for Securities and Exchange
Commission (‘SEC’) reporting purposes. Any issues identified as
material for purposes of ESG in this document are therefore not
necessarily material as defined in the Market Abuse Regulation or
for SEC reporting purposes. In addition, there is currently no
single, globally recognized set of accepted definitions in
assessing whether activities are “green” or “sustainable.” Without
limiting any of the statements contained herein, we make no
representation or warranty as to whether any of our securities
constitutes a green or sustainable security or conforms to present
or future investor expectations or objectives for green or
sustainable investing. For information on characteristics of a
security, use of proceeds, a description of applicable project(s)
and/or any other relevant information, please reference the
offering documents for such security.
This document may contain inactive textual addresses to internet
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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.
- Progress on share buyback programme
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