ING announces €2.5B buyback (NYSE:ING)

ING (NYSE:ING) announced a €2.5B share buyback program, which is a step in converging our CET1 ratio towards the company’s target of 12.5%.

ING Group’s CET1 ratio was 15.2% at the end of Q3, which is well above the prevailing CET1 ratio requirement of 10.98%.

The share buyback program will have an impact of ~78 bps on our CET1 ratio.

The program will commence on November 3, 2023, and is expected to end no later than April 19, 2024.

The stock price climbed marginally by 0.39% to $12.76 on Thursday during pre-market hours.