ING Group has successfully completed the sale of 36 million (depositary receipts for) ING Group ordinary shares which are currently held by ING as treasury stock.
The sale follows a policy change with regard to the hedge of future obligations arising from the ING Group employee stock options plan. The 100% hedge policy has been replaced by a delta hedge policy. As a result ING has now brought down the number of own shares in portfolio.
The 36 million shares have been sold at a price of EUR 18.14 per share in cash, generating proceeds of approximately EUR 650 million. The transaction strengthens ING Groupâ€™s solvency, as the entire proceeds will be added to shareholdersâ€™ equity.
The sale of the shares was co-ordinated by ING Investment Banking and Schroder Salomon Smith Barney.