ING to participate in Bank of Beijing share offering

Date : 25/04/2017 @ 16h02
Source : GlobeNewswire Inc.
Valeur : Ing Groep (INGA)
Cours : 15.2  0.05 (0.33%) @ 17h35
Ing Groep Cours Graphique

ING to participate in Bank of Beijing share offering

Ing Groep (EU:INGA)
Graphique Historique de l'Action

2 Mois : De Mar 2017 à Mai 2017

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ING intends to participate in the private placement by Bank of Beijing which today filed its intention to issue approximately 2.4 billion ordinary shares to raise up to approximately RMB 24 billion (approximately EUR 3.2 billion at current exchange rates) with the Chinese Securities and Regulatory Commission.  ING's planned subscription will not exceed 221 million shares (around 9.2% of the total placement) or the equivalent of EUR 300 million (approximately RMB 2.2 billion at current exchange rates). After the offering, ING expects to maintain its position as the largest shareholder in Bank of Beijing with a stake of approximately 13.0%, down from the current 13.6%.  

The shares are expected to be priced at a 10% discount to the market price at the time of completion of the private placement, which is expected in the fourth quarter of 2017, subject to regulatory approvals for Bank of Beijing. ING's participation in the private placement is not expected to have a material impact on ING's profit and loss account, shareholders' equity or capital ratios.

We started our strategic alliance with Bank of Beijing in 2005 by acquiring a minority holding. Since then the companies have been working closely together in areas such as retail banking, risk management, human resources and corporate governance. More recently, we have also actively been exploring the potential for a further cooperation, in direct banking in China.

Bank of Beijing is the largest city commercial bank in China with over 500 branches across 12 domestic major cities. It services its 16 million customers through retail banking, corporate banking and financial markets businesses. Bank of Beijing has approximately EUR 285 billion in assets as per end of 2016 and is listed on the stock exchange of Shanghai.

Note for editors

For further information on ING, please visit www.ing.com. Frequent news updates can be found in the Newsroom or via the @ING_news Twitter feed. Photos of ING operations, buildings and its executives are available for download at Flickr. Footage (B-roll) of ING is available via ing.yourmediakit.com or can be requested by emailing info@yourmediakit.com. ING presentations are available at SlideShare.

Press enquiries   Investor enquiries
Carolien van der Giessen   ING Group Investor Relations
+31 20 576 6836   +31 20 576 6396
Carolien.van.der.Giessen@ing.com   Investor.Relations@ing.com

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 AS, INGA.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. Projects may be subject to regulatory approvals. Insofar as they could have an impact in Belgium, all projects described are proposed intentions of the bank. No formal decisions will be taken until the information and consultation phases with the Work Council have been properly finalised. 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 a number of factors, including, 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) potential consequences of European Union countries leaving the European Union or a break-up of the euro, (4) changes in the availability of, and costs associated with, sources of liquidity such as interbank funding, as well as conditions in the credit and capital markets generally, including changes in borrower and counterparty creditworthiness, (5) changes affecting interest rate levels, (6) changes affecting currency exchange rates, (7) changes in investor and customer behaviour, (8) changes in general competitive factors, (9) changes in laws and regulations and the interpretation and application thereof, (10) geopolitical risks and policies and actions of governmental and regulatory authorities, (11) changes in standards and interpretations under International Financial Reporting Standards (IFRS) and the application thereof, (12) conclusions with regard to purchase accounting assumptions and methodologies, and other changes in accounting assumptions and methodologies including changes in valuation of issued securities and credit market exposure, (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) the outcome of current and future legal and regulatory proceedings, (16) ING's ability to achieve its strategy, including projected operational synergies and cost-saving programmes and (17) 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.  Many of those factors are beyond ING's control. 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.

 

Attachments:

http://www.globenewswire.com/NewsRoom/AttachmentNg/b58b28e9-426a-4083-98bd-b21d3d8591a1

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