ING Completes Divestment Of NN Group

(RTTNews) - ING (ING) announced the successful sale of its remaining ordinary shares of NN Group. The shares were sold at a price of EUR 30.15 per share. The gross proceeds to ING from the offering amount to approximately EUR 1.4 billion.

The combined impact of this transaction, and the NN transactions announced on 5 and 28 January 2016, would bring the December 2015 pro-forma fully-loaded CET 1 ratio of ING Group to approximately 13.4%. The transaction will not affect the shareholders' equity or capital ratios of ING Bank

The transaction is expected to result in a net loss at settlement to ING Group of approximately EUR 0.1 billion to be booked in the second quarter of 2016. This amount reflects the difference between the market value of our 14.1% stake in NN Group at the day of the previous share sale on 5 January 2016 and the transaction price. After this transaction, ING Group will continue to hold warrants for approximately 35 million shares in NN Group at an exercise price of EUR 40.00 per share.

ING Group will continue to hold warrants that are exercisable for approximately 35 million ordinary shares of NN Group as specified in the warrant agreement dated 10 June 2014.