ING announces €380 million share buyback programme
ING announced today the start of a share buyback programme under which it plans to repurchase ordinary shares of ING Groep, with a maximum total value of €380 million. The share buyback is part of a € 1.25 billion programme to return capital to our shareholders. Next to the share buyback it consists of a €870 million cash dividend payment.
The share buyback programme will commence on 12 May 2022 and is expected to end no later than 2 November. The purpose of the share buyback programme is to reduce the share capital of ING.
The programme is a next step in converging our CET1 ratio towards our ambition level and follows the €1,744 million share buyback programme, which was completed on 28 February 2022.
ING Group’s CET1 ratio was 14.9% at the end of the first quarter of 2022 which is well above the prevailing CET1 ratio requirement of 10.51%. Together with the additional cash dividend of €0.232 per share, which will be paid on 18 May 2022, the announced share buyback programme will have an expected impact of roughly 37 bps on our CET1 ratio.
The ECB has approved the share buyback programme, which will be executed in compliance with the Market Abuse Regulation and within the limitations of the existing authority of a maximum of 10% of the issued shares as granted by the general meeting of shareholders on 25 April 2022. 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: http://www.ing.com/share-buyback-programme.
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