ING Groep announces new EUR 1.6B shareholder distribution

ING announced that it has completed the share buyback program announced on May 2. The total number of ordinary shares repurchased under the program is 101,193,469 at an average price of EUR 19.77 for a total consideration of EUR 2,000,093,404.60. The purchases exceeded 100% of the maximum total amount of up to EUR 2B due to performance arrangements with its executing broker for the program. The broker repurchased shares until the performance arrangements were fulfilled. The total consideration for ING was limited to EUR 2B and the excess purchases above this amount were funded by the executing broker. Based on the total program period, the effective average price for ING was EUR 19.76. ING also announced a new shareholder distribution of up to EUR 1.6B. The distribution consists of a share buyback program for a maximum total amount of EUR 1.1B and a cash payment of EUR 0.5B. The purpose of the distribution is to converge its CET1 ratio towards its target of 13%.