ING Group injects EUR 57 million in NN Group to the benefit of NN Bank to fulfil EC commitment on capitalisation of NN Bank
21 May 2015 - 3:33PM
ING Group has made a capital injection into NN Group of EUR 57
million by subscribing for newly issued shares for an aggregate
amount of EUR 57 million and ING has provided NN Bank a EUR 63
million facility which allows the bank to draw additional Tier 1
capital. With this provision of capital, ING Group fulfils a
commitment to the European Commission (EC) pertaining to the
capitalisation of NN Bank, which is included in the EC decision of
16 November 2012. That decision required ING Group to create a
competitive bank in the Netherlands separate from ING Group. With
these transactions, ING Group has achieved full compliance with the
EC commitment on the capitalisation of NN Bank. The transactions
have no material impact on the capital position of ING Group and no
impact on the capital position of ING Bank.
The capital injection of EUR 57 million into NN Group has
been made against the issuance of 2,178,899 ordinary shares in
NN Group at a price per share of EUR 26.16, equal to yesterday's
closing share price. The shares acquired by ING Group are not
subject to a lock-up. NN Group has used the proceeds to make a
capital injection of EUR 57 million in NN Bank. As a result of this
transaction, NN Bank's phased-in common equity Tier 1 ratio has
increased from 13.8% to 15.7% on a pro-forma basis as at 31 March
2015.
The EUR 63 million facility gives NN Bank the unconditional
right to draw down additional Tier 1 capital from ING until
31 December 2018 at prevailing market terms.
The transaction announced today raises ING's stake in NN Group
slightly, to 54.8%. As announced previously, ING Group intends to
divest its remaining stake in NN Group over time, in line with its
strategy to divest all of its insurance and investment management
businesses.
Note for editors
For further information on ING, please visit www.ing.com.
Frequent news updates can be found in the Newsroom or via the
@ING_news twitter feed. Photos of ING operations, buildings and its
executives are available for download at Flickr. Video is available
on YouTube. Footage (B-roll) of ING is available via
videobankonline.com, or can be requested by emailing
info@videobankonline.com. ING presentations are available at
SlideShare. For convenient access to the latest financial
information and press releases both online and offline, download
the ING Group Investor Relations and Media app for iOs on the Apple
Store or for Android on Google Play.
Press
enquiries |
Investor
enquiries |
Diederik Heinink |
ING Group Investor
Relations |
+31 20 576 2847 |
+31 20 576 6396 |
diederik.heinink@ing.com |
Investor.Relations@ing.com |
ING Profile
ING is a global financial institution with a strong European
base, offering banking services through its operating company ING
Bank and holding a significant stake in the listed insurer NN Group
NV. The purpose of ING Bank is empowering people to stay a step
ahead in life and in business. ING Bank's 53,000 employees offer
retail and commercial banking services to customers in over 40
countries.
ING Group shares are listed (in the form of depositary receipts)
on the exchanges of Amsterdam (INGA NA, ING.AS), Brussels and on
the New York Stock Exchange (ADRs: ING US, ING.N).
Sustainability forms an integral part of ING's corporate
strategy, which is evidenced by ING Group shares being included in
the FTSE4Good index and in the Dow Jones Sustainability Index
(Europe and World) where ING is the industry leader in the
diversified financials group.
Important legal
information Certain of the statements contained in this
document 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, without
limitation: (1) changes in general economic conditions, in
particular economic conditions in ING's core markets, (2) changes
in performance of financial markets, including developing markets,
(3) consequences of a potential (partial) break-up of the euro, (4)
the implementation of ING's restructuring plan to separate banking
and insurance operations, (5) changes in the availability of, and
costs associated with, sources of liquidity such as interbank
funding, as well as conditions in the credit markets generally,
including changes in borrower and counterparty creditworthiness,
(6) the frequency and severity of insured loss events, (7) changes
affecting mortality and morbidity levels and trends, (8) changes
affecting persistency levels, (9) changes affecting interest rate
levels, (10) changes affecting currency exchange rates, (11)
changes in investor, customer and policyholder behaviour, (12)
changes in general competitive factors, (13) changes in laws and
regulations, (14) changes in the policies of governments and/or
regulatory authorities, (15) conclusions with regard to purchase
accounting assumptions and methodologies, (16) changes in ownership
that could affect the future availability to us of net operating
loss, net capital and built-in loss carry forwards, (17) changes in
credit-ratings, (18) ING's ability to achieve projected operational
synergies and (19) the other risks and uncertainties detailed in
the risk factors section contained in the most recent annual report
of ING Groep N.V. 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 buy, any securities. |
ING Group injects EUR 57 million in NN Group
http://hugin.info/130668/R/1923073/689593.pdf
HUG#1923073
ING Groep NV (EU:INGA)
Historical Stock Chart
From Apr 2024 to May 2024
ING Groep NV (EU:INGA)
Historical Stock Chart
From May 2023 to May 2024