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 - 1:06AM
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.
Note for editors
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Press enquiries |
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Investor enquiries |
Carolien van der Giessen |
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ING Group Investor Relations |
+31 20 576 6386 |
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+31 20 576 6396 |
Carolien.van.der.Giessen@ing.com |
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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.
pdf version of press release
http://hugin.info/130668/R/2045406/764073.pdf
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