ING rebalances hedge portfolio for employee options
(Thomson Reuters ONE) -
ING Groep N.V. announced today that it has bought 13,670,000 (depositary
receipts for) ordinary shares for its delta hedge portfolio, which is used to
hedge employee options and facilitate employee share programmes. The shares were
bought in the open market between 23 March and 6 April at an average price of
EUR 7.47 per share.
ING does not issue new shares to cover employee options. Instead, employees
receive shares from the delta hedge portfolio, which is maintained to minimise
the market risks and price fluctuations that arise from the employee option
programmes. The hedge position is adjusted periodically, generally on a
quarterly basis, in accordance with regulatory requirements and ING's policies
to prevent market manipulation.
The hedge book currently holds 49.7 million (depositary receipts for) ordinary
ING shares, representing 1.3% of the 3,832 million shares outstanding.
Press enquiries
Frans Middendorff
ING Group
+31 20 541 6516
Frans.Middendorff(at)ing.com
ING Profile
ING is a global financial institution of Dutch origin offering banking,
investments, life insurance and retirement services to over 85 million private,
corporate and institutional clients in more than 40 countries. With a diverse
workforce of about 107,000 people, ING is dedicated to setting the standard in
helping our clients manage their financial future.
Important legal information
Certain of the statements contained herein are statements of future expectations
and other forward-looking statements. These expectations are based on
management's current views and assumptions and involve known and unknown risks
and uncertainties. Actual results, performance or events may differ materially
from those in such statements due to, among other things, (i) general economic
conditions, in particular economic conditions in ING's core markets, (ii)
performance of financial markets, including developing markets, (iii) the
implementation of ING's restructuring plan to separate banking and insurance
operations, (iv) 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, (v) the frequency and severity of insured loss events, (vi)
mortality and morbidity levels and trends, (vii) persistency levels, (viii)
interest rate levels, (ix) currency exchange rates, (x) general competitive
factors, (xi) changes in laws and regulations, (xii) changes in the policies of
governments and/or regulatory authorities, (xiii) conclusions with regard to
purchase accounting assumptions and methodologies, (xiv) changes in ownership
that could affect the future availability to us of net operating loss, net
capital loss and built-in loss carryforwards, and (xv) ING's ability to achieve
projected operational synergies. ING assumes no obligation to update any
forward-looking information contained in this document.
[HUG#1400851]
PDF version press release: http://hugin.info/130668/R/1400851/356030.pdf
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Datum: 06.04.2010 - 11:40 Uhr
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