ING provides update on dividend in the context of the coronavirus pandemic

ING provides update on dividend in the context of the coronavirus pandemic
30.03.2020 08:31 am

ING provides update on dividend in the context of the coronavirus pandemic

Covid-19 , Banking

ING is fully committed to helping our customers and supporting society in coping with the coronavirus pandemic. In many countries we are working with the local industry and governments to provide businesses and individuals the necessary financial flexibility while ensuring we continue to play the vital role banks have in society, providing key banking services through our network.

In that context, ING announced today it will follow the recommendations made by the European Central Bank to European banks on 27 March 2020 regarding dividend distributions. ING is well capitalised, above regulatory requirements, but in line with the ECB’s recommendations, it will suspend any payment of dividends on its ordinary shares until at least 1 October 2020. At the Annual General Meeting scheduled for 28 April 2020, the proposal to pay a final 2019 dividend (agenda item 3B) will not be put up for a vote and will be removed from the agenda. In addition, ING does not expect to make an interim-dividend payment from 2020 earnings and will review any further dividend announcements after 1 October 2020.

Ralph Hamers, CEO of ING said: “These are extraordinary times for all of us. ING is taking all necessary steps to ensure the wellbeing of our employees and the continued support of our customers. I am proud of the efforts of our employees across various countries who have provided assistance to thousands of customers. While we are well capitalised and funded, and strive to provide our shareholders an attractive return, we think it is prudent to follow the ECB’s recommendations for all European banks regarding dividend payments, enabling us even greater flexibility to support our customers and society in this crisis and work together with governments and regulators towards a recovery.”

As reported, ING has scheduled its Annual General Meeting for Tuesday 28 April 2020. The full details of all AGM proposals are included in the proxy materials for ING’s 2020 AGM, which are available at www.ing.com/agm. Information in the ING Group 2019 Annual Report regarding dividend is deemed to be amended by the new information in this release.

Related News

SumUp expands e-commerce product range to support businesses through COVID-19 lockdown and beyond

UK-based payments service provider SumUp (www.sumup.co.uk) is launching today an online payment tool to help businesses... Read more »

30 top VCs launch the "VC Hours" initiative to help UK startups cope during the Covid-19 crisis

Breega and Connect Ventures, two founder-friendly VCs specialised in funding early-stage tech startups, have joined forces with 28 other UK-based VCs to provide free and... Read more »

Nationwide study reveals that 73% of UK business leaders expect COVID-19 to spark a new wave of workplace and industry automation

Pod Group, a provider of platforms, software and connectivity services for... Read more »

Ant Group releases 2020 CSR Report: digital technology can help create a better future

Ant Financial Services Group (“Ant Group”) has released its 2020 Corporate Social Responsibility (CSR) report,... Read more »

Nearly one of three consumers is past due on at least one bill - due to COVID-19 pandemic, new ACI Worldwide research reveals

Nearly one of three consumers (27%) is past due on at least one bill and nearly 50 percent will need up to a year to catch up on bills due to the COVID-19 pandemic, according... Read more »

Wolters Kluwer Continues PPP Educational Series With Loan Forgiveness Webinar

Wolters Kluwer Compliance Solutions is continuing to prove its industry leadership,... Read more »

Magazine
ALL
Free Newsletter Sign-up
+44 (0) 208 819 32 53 +44 (0) 173 261 71 47
Download Our Mobile App
Financial It Youtube channel