By Jaime Llinares Taboada

 

ING Groep NV said Friday that it is launching a share buyback program of up to 1.74 billion euro ($2.01 billion).

The Dutch lender said the program will start on Oct. 5 and is expected to end by May 5, 2022.

"While supporting our customers during the pandemic, we also succeeded in generating capital and are able to launch this program based on our strong capital position," Chief Executive Steven van Rijswijk said.

The program has been approved by the European Central Bank, which has lifted its recommendation to limit shareholder remuneration until Sept. 30.

 

Write to Jaime Llinares Taboada at jaime.llinares@wsj.com; @JaimeLlinaresT

 

(END) Dow Jones Newswires

October 01, 2021 01:24 ET (05:24 GMT)

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