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ING Groep Plans To Buyback EUR 2 Bln Core Tier 1 Securities From Dutch State

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NL sidebarING Groep NV (ING) Monday said that intends to exercise its option for early repurchase of EUR 2 billion of the core Tier 1 securities at the next coupon reset date on 13 May 2011. The company also informed the Dutch State of its intention.

The repurchase of 200,000,000 core Tier 1 securities, for which the Dutch Central Bank has given its approval, has a nominal value of EUR 2 billion. The total payment will amount to EUR 3 billion and includes a 50% repurchase premium. ING noted that it will fund this repurchase from retained earnings.

Amsterdam-based ING was one of Europe's biggest casualties in the financial crisis and received a €10 billion rescue package from the Dutch government, of which half was repaid late 2009 from the proceeds of a rights issue. It still owes €5 billion, plus a €2.5 billion penalty that it has to pay in return for receiving government support.

ING flagged at the presentation of its full-year results last month that it planned to repay a "significant amount" of state aid this year. Chief Executive Jan Hommen said that the strong recovery of ING's banking business enabled it to speed up repayment plans.

ING said the capital position of its banking arm will remain strong after the repayment of the first tranche, and that its core Tier 1 capital ratio "is expected to remain above 8.5%."

“The strong recovery of the banking business in 2010 has enabled us to accelerate the repurchase of the core Tier 1 securities from retained earnings, while maintaining a robust capital position post repayment,” Hommen said in the statement.

 

source: ING

 

 

ING completes divestment of Clarion Partners

Amsterdam, 9 June 2011

ING announced today that it has completed the sale of Clarion Partners, ING's U.S.-based private market real estate investment manager, to Clarion Partners management in partnership with Lightyear Capital LLC for the previously disclosed amount of USD 100 million.

Clarion Partners has EUR 15.9 billion in assets under management as of 31 March 2011. Lightyear is a US-based private equity firm.

press release

 

Business Wire sees Clarion deal from a different perspective;

 

 

ING Clarion Partners With assets of more than $22 billion In Agreement to Be Acquired by Management Team and Lightyear Capital

 

 

 

 

ING MAKES 14billion euros of divestitures in calendar 2011

details BELOW

 

LINK TO CORPORATE PRESS RELEASES

 

 

 

ING Goes to the European Court over the price of Impaired Assets

Thursday, 28 January 2010 |

 

 

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