ING completes share buyback programme
ING announced today that it has completed the share buyback programme which was announced on 11 May 2023. The total number of shares repurchased under the programme is 121,317,501 ordinary shares at an average price of €12.91 for a total consideration of €1,566,192,128.93.
During the last week of the programme, from 9 October 2023 up to and including 13 October 2023, 2,931,623 shares were purchased. These shares were repurchased at an average price of €12.66 for a total amount of €37,115,883.60.
In total 104.41% of the announced total value of the programme of €1.5 billion was purchased. The purchases exceeded 100% due to performance arrangements, including the average price per share, with our executing broker for the programme. The broker repurchased shares until the performance arrangements were fulfilled. The total consideration for ING was limited to €1.5 billion. The excess purchases above this amount were funded by the executing broker. Based on the total programme period, the effective average price for ING was €12.36.
As previously announced, we will give an update on our capital planning with the presentation of our third quarter 2023 results, which is scheduled for 2 November 2023.
For detailed information on the daily repurchased shares, individual share purchase transactions and weekly reports, see the ING website at https://www.ing.com/Investor-relations/Share-information/Share-buyback-programme.htm.
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ING is a global financial institution with a strong European base, offering banking services through its operating company ING Bank. The purpose of ING Bank is: empowering people to stay a step ahead in life and in business. ING Bank’s more than 59,000 employees offer retail and wholesale banking services to customers in over 40 countries.
ING Group shares are listed on the exchanges of Amsterdam (INGA NA, INGA.AS), Brussels and on the New York Stock Exchange (ADRs: ING US, ING.N).
Sustainability is an integral part of ING’s strategy, evidenced by ING’s leading position in sector benchmarks. ING's Environmental, Social and Governance (ESG) rating by MSCI was affirmed 'AA' in September 2022. As of August 2022, Sustainalytics considers ING’s management of ESG material risk to be ‘strong’, and in June 2022 ING received an ESG rating of 'strong' from S&P Global Ratings. ING Group shares are also included in major sustainability and ESG index products of leading providers Euronext, STOXX, Morningstar and FTSE Russell.
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ING Group’s annual accounts are prepared in accordance with International Financial Reporting Standards as adopted by the European Union (‘IFRS- EU’). In preparing the financial information in this document, except as described otherwise, the same accounting principles are applied as in the 2022 ING Group consolidated annual accounts. All figures in this document are unaudited. Small differences are possible in the tables due to rounding.
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