ING Group injects EUR 57 million in NN Group to the benefit of NN Bank to fulfil EC commitment on capitalisation of NN Bank
May 21 2015 - 1:31AM
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.
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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 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
This
announcement is distributed by NASDAQ OMX Corporate Solutions on
behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: ING Group via Globenewswire
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