ING Rebalances Hedge Portfolio For Employee Options

[newsroom]

ING Group N.V. announced today that it has bought 13,670,000 (depositary receipts for) ordinary shares for its delta hedge portfolio, which is used to hedge employee options and facilitate employee share programmes. The shares were bought in the open market between 23 March and 6 April at an average price of EUR 7.47 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, in accordance with regulatory requirements and ING's policies to prevent market manipulation.

The hedge book currently holds 49.7 million (depositary receipts for) ordinary ING shares, representing 1.3% of the 3,832 million shares outstanding.