ING (ING) Announces EUR 1.5B Share Buyback

ING announces share buyback programme of up to €1.5 billion

ING (NYSE: ING) announced today the start of a share buyback programme under which it plans to repurchase ordinary shares of ING Groep N.V., for a maximum total amount of €1.5 billion.

The purpose of the share buyback programme is to reduce the share capital of ING. It is a next step in converging our CET1 ratio towards our target of around 12.5% by 2025, as announced during our Investor Update in June 2022.

ING Group’s CET1 ratio was 14.7% at the end of the third quarter of 2022 which is well above the prevailing CET1 ratio requirement of 10.52%. The buyback programme will have an expected pro-forma impact of roughly 44 bps on our CET1 ratio.

The share buyback programme will commence on 3 November 2022 and is expected to end no later than 30 December 2022. Any remaining amount of the programme after the end date will be paid out in cash to shareholders on 16 January 2023.

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 25 April 2022. ING has entered into a non-discretionary arrangement with a financial intermediary to conduct the buyback.

ING will provide weekly updates on the progress of the programme via a press release and on the Investor Relations section of the ING website: https://www.ing.com/Investor-relations/Share-information/Share-buyback-programme.htm.

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