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Dutch financial services group ING said on 2 November it plans to repurchase ordinary shares of ING Groep N.V., for a maximum total amount of €2.5bn.
The share buyback programme was "a next step in converging our CET1 ratio towards our target of around 12.5%, as announced during our Investor Update in June 2022", it said.
ING Group's CET1 ratio was 15.2% at the end of the third quarter of 2023, which it said was well above the prevailing CET1 ratio requirement of 10.98%.
"The share buyback programme will have an impact of approximately 78 bps on our CET1 ratio. The programme will commence on 3 November 2023 and is expected to end no later than 19 April 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 10% of the issued shares as granted by the general meeting of shareholders on 24 April 2023."
ING further said it had entered into a non-discretionary arrangement with a financial intermediary to conduct the buyback.
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