ING reduces its stake in Kotak Mahindra Bank to 3.9% with the sale of 46.7 million shares for EUR 490 million
September 29 2016 - 1:01AM
ING today announced the sale of 46.7 million
ordinary shares of Kotak Mahindra Bank (Kotak). The shares were
sold at a price of INR 782.32 per share. Gross proceeds to ING from
the offering amount to approximately EUR 490 million (at the
current exchange rate). The sale reduces ING's stake in Kotak from
currently 6.4% to 3.9%. ING's remaining stake in Kotak will be
subject to a 90 day lock-up following settlement of the transaction
which is expected to occur on 4 October 2016.
The transaction will not have a material impact on
ING's profit and loss account, shareholders' equity or capital
ratios.
ING obtained its stake in Kotak through the merger
of ING Vysya Bank with Kotak Mahindra Bank, which was effective
from 1 April 2015. Following a Memorandum of Understanding (MoU)
signed on 5 June 2015, Kotak and ING will continue to co-operate on
cross-border business opportunities and to leverage each other's
network's for the benefit of their respective client bases.
Furthermore, ING remains active in servicing the international
business of Indian clients through its global Wholesale Banking
franchise.
Kotak Mahindra Bank is one of India's leading
banks, offering a complete range of banking products. Kotak shares
are listed on the Bombay Stock Exchange Limited and the National
Stock Exchange of India (KOTAKBANK).
Kotak Securities Limited acted as Sole Global
Coordinator and Bookrunner and Sole Stock Broker for the offering.
Citigroup Global Markets India Private Limited, Deutsche Equities
India Private Limited and J.P. Morgan India Private Limited acted
as Joint Bookrunners.
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Press
enquiries |
|
Investor
enquiries |
Carolien van der Giessen |
|
ING Group Investor Relations |
+31 20 576 6386 |
|
+31 20 576 6396 |
Carolien.van.der.Giessen@ing.com |
|
Investor.Relations@ing.com |
|
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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. The purpose of ING Bank is empowering
people to stay a step ahead in life and in business. ING Bank's
52,000 employees offer retail and wholesale banking services to
customers in over 40 countries.
ING Group shares are listed 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
strategy, which is evidenced by the number one position among 395
banks ranked by Sustainalytics. ING Group shares are being included
in the FTSE4Good index and in the Dow Jones Sustainability Index
(Europe and World) where ING is among the leaders in the Banks
industry group.
IMPORTANT LEGAL
INFORMATION
Elements of this press release contain or may
contain information about ING Groep N.V. and/ or ING Bank N.V.
within the meaning of Article 7(1) to (4) of EU Regulation No 596/
2014.
Certain of the statements contained herein 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) potential consequences of
European Union countries leaving the European Union, (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) changes affecting interest rate
levels, (7) changes affecting currency exchange rates, (8) changes
in investor and customer behaviour, (9) changes in general
competitive factors, (10) changes in laws and regulations, (11)
changes in the policies of governments and/or regulatory
authorities, (12) conclusions with regard to purchase accounting
assumptions and methodologies, (13) changes in ownership that could
affect the future availability to us of net operating loss, net
capital and built-in loss carry forwards, (14) changes in credit
ratings, (15) ING's ability to achieve projected operational
synergies and (16) the other risks and uncertainties detailed in
the most recent annual report of ING Groep N.V. (including the Risk
Factors contained therein) and ING's more recent disclosures,
including press releases, which are available on www.ING.com. 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 purchase, any securities in
the United States or any other jurisdiction.
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Source: ING Group via Globenewswire
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