The Gentleman Magazine Issue 20 | April 2020 | Page 70
ING PROVIDES UPDATE
ON DIVIDEND IN THE CONTEXT
OF THE CORONAVIRUS PANDEMIC
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.
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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.
, Securing the Internet of Things”