The Dutch financial services giant ING on Wednesday reported completing the share buyback program it announced in November last year. The shares it bought back under the program totaled 194,812,543 ordinary shares at an average price of €12.87 for a total consideration of €2,508,135,596.18.
During the last week of the program, up to and including 5 February 2024, 2,977,217 shares were purchased at an average price of €12.14 for a total amount of €36,140,139.44. In total, 100.33 percent of the announced value of the program of €2.5 billion was purchased.
The excess purchases was traced to performance arrangements, including the average price per share, with the executing broker of the program which bought back shares until the performance arrangements were fulfilled.
The total consideration for ING was limited to €2.5 billion. The excess purchases above this amount were funded by the executing broker. Based on the total program period, the effective average price for ING was €12.83.
