UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of August 2024
Commission File Number: 001-14642
ING Groep N.V.
(Translation of registrant's name into English)
Bijlmerdreef 106
1102 CT Amsterdam
The Netherlands
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F [ X ] Form 40-F [ ]
On August 6, 2024, the Registrant issued a press release, a copy of which is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
(c) Exhibit 99.1. Press release dated August 6, 2024
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| | ING Groep N.V. |
| | (Registrant) |
| | |
| | |
Date: August 6, 2024 | | /s/ Raymond Vermeulen |
| | Raymond Vermeulen |
| | Head of Media Relations & Issue Management |
| | |
EXHIBIT 99.1
Progress on share buyback programme
Progress on share buyback programme
ING announced today that, as part of our €2.5 billion share buyback programme announced on 2 May 2024, the company repurchased
3,251,109 shares during the week of 29 July 2024 up to and including 2 August 2024.
The shares were repurchased at an average price of €16.55 for a total amount of €53,796,519.62. For detailed information
on the daily repurchased shares, individual share purchase transactions and weekly reports, see the ING website at www.ing.com/investorrelations.
In line with the purpose of the programme to reduce the share capital of ING, the total number of shares repurchased under this programme
to date is 78,383,690 ordinary shares at an average price of €16.21 for a total consideration of €1,270,254,059.87. To date approximately 50.81% of the maximum
total value of the share buyback programme has been completed.
Note for editors
For more on ING, please visit www.ing.com. Frequent news updates can be found in the Newsroom or via X @ING_news feed. Photos of ING
operations, buildings and its executives are available for download at Flickr.
Press enquiries |
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Investor enquiries |
Marc Smulders |
|
ING Group Investor Relations |
+31 20 576 5000 |
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+31 20 576 6396 |
Marc.Smulders@ing.com |
|
Investor.Relations@ing.com |
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ING PROFILE
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 60,000 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).
ING aims to put sustainability at the heart of what we do. ING’s sustainability efforts have been recognised externally by environmental,
social and governance (ESG) rating agencies and other benchmarks. In 2023, Sustainalytics assessed our management of ESG material risk
as ‘strong’. In July 2023, ING's ESG rating by MSCI was reconfirmed as 'AA'. ING’s shares are included in the sustainability
indices of Euronext, STOXX, FTSE Russell and Morningstar.
Important legal information
Elements of this press release contain or may contain information about ING Groep N.V. and/ or ING Bank N.V. within the meaning of
Article 7(1) to (4) of EU Regulation No 596/2014 (‘Market Abuse Regulation’).
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 2023 ING Group consolidated annual accounts. All figures in this document are unaudited. Small differences
are possible in the tables due to rounding.
Certain of the statements contained herein are not historical facts, including, without limitation, certain statements made of future
expectations and other forward-looking statements that are based on management’s current views and assumptions and involve known
and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed
or implied in such statements. Actual results, performance or events may differ materially from those in such statements due to
a number of factors, including, without limitation: (1) changes in general economic conditions and customer behaviour, in particular economic
conditions in ING’s core markets, including changes affecting currency exchange rates and the regional and global economic impact
of the invasion of Russia into Ukraine and related international response measures (2) changes affecting interest rate levels (3) any
default of a major market participant and related market disruption (4) changes in performance of financial markets, including in Europe
and developing markets (5) fiscal uncertainty in Europe and the United States (6) discontinuation of or changes in ‘benchmark’
indices (7) inflation and deflation in our principal markets (8) changes in conditions in the credit and capital markets generally, including
changes in borrower and counterparty creditworthiness (9) failures of banks falling under the scope of state compensation schemes (10)
non-compliance with or changes in laws and regulations, including those concerning financial services, financial economic crimes and tax
laws, and the interpretation and application thereof (11) geopolitical risks, political instabilities and policies and actions of governmental
and regulatory authorities, including in connection with the invasion of Russia into Ukraine and the related international response measures
(12) legal and regulatory risks in certain countries with less developed legal and regulatory frameworks (13) prudential supervision and
regulations, including in relation to stress tests and regulatory restrictions on dividends and distributions (also among members of the
group) (14) ING’s ability to meet minimum capital and other prudential regulatory requirements (15) changes in regulation of US
commodities and derivatives businesses of ING and its customers (16) application of bank recovery and resolution regimes, including write
down and conversion powers in relation to our securities (17) outcome of current and future litigation, enforcement proceedings, investigations
or other regulatory actions, including claims by customers or stakeholders who feel misled or treated unfairly, and other conduct issues
(18) changes in tax laws and regulations and risks of non-compliance or investigation in connection with tax laws, including FATCA (19)
operational and IT risks, such as system disruptions or failures, breaches of security, cyber-attacks, human error, changes in operational
practices or inadequate controls including in respect of third parties with which we do business and including any risks as a result of
incomplete, inaccurate, or otherwise flawed outputs from the algorithms and data sets utilized in artificial intelligence (20) risks and
challenges related to cybercrime including the effects of cyberattacks and changes in legislation and regulation related to cybersecurity
and data privacy, including such risks and challenges as a consequence of the use of emerging technologies, such as advanced forms of
artificial intelligence and quantum computing (21) changes in general competitive factors, including ability to increase or maintain market
share (22) inability to protect our intellectual property and infringement claims by third parties (23) inability of counterparties to
meet financial obligations or ability to enforce rights against such counterparties (24) changes in credit ratings (25) business, operational,
regulatory, reputation, transition and other risks and challenges in connection with climate change and ESG-related matters, including
data gathering and reporting (26) inability to attract and retain key personnel (27) future liabilities under defined benefit retirement
plans (28) failure to manage business risks, including in connection with use of models, use of derivatives, or maintaining appropriate
policies and guidelines (29) changes in capital and credit markets, including interbank funding, as well as customer deposits, which provide
the liquidity and capital required to fund our operations, and (30) the other risks and uncertainties detailed in the most recent annual
report of ING Groep N.V. (including the Risk Factors contained therein) and ING’s more recent disclosures, including press releases,
which are available on www.ING.com.
This document may contain ESG-related material that has been prepared by ING on the basis of publicly available information, internally
developed data and other third-party sources believed to be reliable. ING has not sought to independently verify information obtained
from public and third-party sources and makes no representations or warranties as to accuracy, completeness, reasonableness or reliability
of such information.
Materiality, as used in the context of ESG, is distinct from, and should not be confused with, such term as defined in the Market Abuse
Regulation or as defined for Securities and Exchange Commission (‘SEC’) reporting purposes. Any issues identified as material
for purposes of ESG in this document are therefore not necessarily material as defined in the Market Abuse Regulation or for SEC reporting
purposes. In addition, there is currently no single, globally recognized set of accepted definitions in assessing whether activities are
“green” or “sustainable.” Without limiting any of the statements contained herein, we make no representation or
warranty as to whether any of our securities constitutes a green or sustainable security or conforms to present or future investor expectations
or objectives for green or sustainable investing. For information on characteristics of a security, use of proceeds, a description of
applicable project(s) and/or any other relevant information, please reference the offering documents for such security.
This document may contain inactive textual addresses to internet websites operated by us and third parties. Reference to such websites
is made for information purposes only, and information found at such websites is not incorporated by reference into this document. ING
does not make any representation or warranty with respect to the accuracy or completeness of, or take any responsibility for, any information
found at any websites operated by third parties. ING specifically disclaims any liability with respect to any information found at websites
operated by third parties. ING cannot guarantee that websites operated by third parties remain available following the publication of
this document, or that any information found at such websites will not change following the filing of this document. Many of those factors
are beyond ING’s control.
Any forward-looking statements made by or on behalf of ING speak only as of the date they are made, and ING assumes no obligation to
publicly update or revise any forward-looking statements, whether as a result of new information or for any other reason.
This document does not constitute an offer to sell, or a solicitation of an offer to purchase, any securities in the United
States or any other jurisdiction.
- Progress on share buyback programme (https://ml-eu.globenewswire.com/Resource/Download/d424d383-f298-44d9-9e69-a7e7a6762a2f)
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