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ING Will Settle Outstanding 2019 Dividend Through Share Buybacks

Johann Scholtz, CFA Equity Analyst

Analyst Note

| Johann Scholtz, CFA |

ING confirmed on Oct. 1 that it will repurchase EUR 1.7 billion of its own shares starting Oct. 5. The buyback is intended as payment for the 2019 dividend that ING was unable to pay because of the regulatory ban on shareholder distributions. ING previously guided that it would honour the 2019 dividend, but at the time it was uncertain if the company would pay it in cash or repurchase shares. ING reserved the dividend outside of capital already and its payment will have no impact on the common equity Tier 1 ratio. ING is trading at a 15% discount to our EUR 14 fair value estimate, so we agree that share repurchases will be value-accretive.

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Company Profile

Business Description

The merger of the Dutch postal bank and NN Insurance in 1991 created ING. Through a series of further acquisitions ING build up a global footprint. The 2008 financial crisis forced ING to seek government support--a precondition of which was that ING should separate its banking and insurance activities, which saw ING revert to being solely a bank. ING has market- leading banking operations in the Netherlands and Belgium, and a range of digital banks across Europe and Australia. Its global wholesale banking operation is primarily focused on lending.

Bijlmerdreef 106, Cedar
Amsterdam, 1102 CT, Netherlands
T +31 205639111
Sector Financial Services
Industry Banks - Diversified
Most Recent Earnings Dec 31, 2020
Fiscal Year End Dec 31, 2021
Stock Type
Employees 55,901