ING announced today that it will redeem two series of outstanding perpetual securities: the €750 million ING Perpetual Securities II (NL0000113587) and the €1 billion ING Perpetual Securities III (NL0000116127), both on the optional redemption date of 30 September 2021.

Due to the expiration of the grandfathering period effective 1 January 2022, the two series of perpetual securities would no longer qualify as grandfathered Additional Tier 1 capital. The two series of perpetual securities were part of an exchange offering in 2011, which reduced the outstanding principal amounts thereof to the current €432 million for the ING Perpetual Securities II and €563 million for the ING Perpetual III Securities.

ING Groep N.V. will redeem all of the outstanding securities of both series, in accordance with their terms, on the Coupon Payment Date falling on 30 September 2021, at their principal amount together with any outstanding payments. Detailed information on both series of securities can be found on ING’s website under www.ing.com/Investor-relations/Fixed-income-information/Debt-securities-ING-Groep-N.V./Hybrid-securities.htm.

The Principal Fiscal and Paying Agent for the Perpetual Securities II and the Perpetual Securities III is ING Bank N.V., Foppingadreef 7, 1102 BD Amsterdam, The Netherlands, and the Paying Agent in Belgium is ING Belgium S.A./N.V., Avenue Marnixlaan 24, B-1000 Brussels, Belgium. The Trustee for both series of securities is Amsterdamsch Trustee’s Kantoor B.V., Prins Bernhardplein 200, 1097 JB Amsterdam, The Netherlands.

Any future decisions by ING as to whether it will exercise (or cause to be exercised) calls and redemptions in respect of any of its debt securities (including its perpetual securities) will be made on an economic basis, taking into account the interests of all stakeholders. Other factors that ING will consider include prevailing market conditions, regulatory approval and capital requirements.