ING Groep N.V. has sold 3,960,000 (depositary receipts for) ordinary shares from its delta hedge portfolio, which is used to hedge employee options. The shares were sold on the open market between 22 and 24 May at an average price of 33.12 EUR 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, during the open period in accordance with regulatory requirements and ING's policies to prevent market manipulation.
The hedge book currently holds 49.5 million (depositary receipts for) ordinary ING shares, representing 2.2% of the 2,224 million shares outstanding.
|
Press enquiries: ING Group
Carolien van der Giessen, +31 20 541 6522, carolien.van.der.Giessen@ing.com |
ING is a global financial institution of Dutch origin offering banking, insurance and asset
management to over 60 million private, corporate and institutional clients in more than 50 countries.
With a diverse workforce of about 120,000 people, ING comprises a broad spectrum of
prominent companies that increasingly serve their clients under the ING brand.
