ING rebalances hedge portfolio for employee options
Amsterdam, 26 February 2007
ING Groep N.V. has sold 2,650,000 (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 20 and 23 February at an average price of EUR 33.81 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 49.9 million (depositary receipts for) ordinary ING shares, representing 2.3% of the total 2,205 million shares outstanding.
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 of about 115,000 people, ING comprises a broad spectrum of prominent companies that increasingly serve their clients under the ING brand.
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