ING Groep N.V. has sold 4.360.000 (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 14 August and 16 August at an average price of 28.98 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 44.8 million (depositary receipts for) ordinary ING shares, representing 2.0% of the 2,225 million shares outstanding.
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 44.8 million (depositary receipts for) ordinary ING shares, representing 2.0% of the 2,225 million shares outstanding.
|
Press enquiries:
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 in excess of 120,000 people, ING comprises a broad spectrum of prominent companies that increasingly serve their clients under the ING brand.
