ING Plans €2.5 Billion Buyback But Warns Rates Boost May Ebb

The buyback is ING’s second big stock repurchase this year
ING will have returned €7 billion to shareholders in 2023

WATCH: ING Groep CFO Tanate Phutrakul discusses the lender’s financial results, outlook and buyback program.Source+ Bloomberg

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By Sarah Jacob and Nicholas Comfort

November 2, 2023 at 6:13 AM UTC

Updated on

November 2, 2023 at 10:51 AM UTC

This article is for subscribers only.

ING Groep NV announced a bigger share buyback program than expected even as it warned that interest income may come under pressure.

The Netherlands’ largest bank said on Thursday that it plans to repurchase stock worth as much as €2.5 billion ($2.65 billion), its second big buyback this year. Analysts had expected ING to disclose a program of as much as €2 billion.