ING [NYSE: ING] Launches €1.7 billion Share Repurchase Programme

ING Groep N.V. [NYSE: ING] has announced the launch of the Share Repurchase Programme of €1,744 million and for a number of shares not more than the authority awarded by the general meeting of shareholders which is 10% of the issued shares. The primary objective of the share repurchase programme is to decrease the share capital of ING.

The CET1 ratio of ING Group stood at 15.7% at the end of the Q2 of 2021. The declared share repurchase programme will be completed from capital reserved outside of regulatory capital and will not influence the CET1 ratio of the firm. The share repurchase programme will begin on 5 October 2021 and is likely to complete before 5 May 2022.

Furthermore, the CEO of ING disclosed that the firm is striving to offer an appealing gain to shareholders, and this repurchase programme will aid the firm in enhancing its capital structure. This share repurchase programme has demonstrated the strong capital position of the firm as it has gathered enough capital and also provide assistance to its customers during the pandemic.

In addition, the ECB has removed its plan to restrict shareholder payment until 30 September 2021 and has permitted the share repurchase programme, which will be completed within the constraints of the current authority awarded by the general meeting of shareholders on 26 April 2021 and in accordance with the Market Abuse Regulation.