ING Group injects EUR 57 million in NN Group to the benefit of NN Bank to fulfil EC commitment on capitalisation of NN Bank

AMSTERDAM, Netherlands, May 21, 2015 (GLOBE NEWSWIRE) -- 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 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.

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ING Group injects EUR 57 million in NN Group


Source:ING Group