ING Groep announces EUR 2.5B share buyback program

ING announced a share buyback program under which it plans to repurchase ordinary shares of ING Groep for a maximum total amount of EUR 2.5B. The company said, “The purpose of the share buyback programme is to converge our CET1 ratio towards our target of around 12.5%. ING Group’s CET1 ratio was 14.8% at the end of the first quarter of 2024, which is well above the prevailing CET1 ratio requirement of 10.94%. The share buyback programme will have an impact of approximately 77 bps on our CET1 ratio. The programme will commence on 2 May 2024 and is expected to end no later than 29 October 2024. 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 20% of the issued shares as granted by the general meeting of shareholders on 22 April 2024. ING has entered a non-discretionary arrangement with a financial intermediary to conduct the buyback.”