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ING to hike share capital by EUR7.5bn via rights issue

Posted on: Fri, 27 Nov 2009 09:55:00 EST

Symbols: MS, JPM, IND

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Nov 27, 2009 (M2 PRESSWIRE via COMTEX) --
MS | Quote | Chart | News | PowerRating -- 27 November 2009 - Dutch bank ING Groep NV (AMS: INGA) said today that
it will hike its share capital by EUR7.5bn (USD11.2bn) via a 6 for 7
rights issue of 1,768,412,544 new (depositary receipts for) shares.

The offering is fully underwritten by Goldman Sachs (NYSE: MS), JP
Morgan (NYSE: JPM | Quote | Chart | News | PowerRating) and a syndicate of banks, subject to customary terms
and conditions.

Goldman Sachs, ING Bank, and JP Morgan are acting as joint global
coordinators and joint bookrunners for the rights issue.

ING's existing holders of shares will receive rights entitling them to
subscribe for new shares at a price of EUR4.24 per share. Eligible
rights holders can subscribe for 6 new shares in relation to every 7
subscription rights they hold.

ING plans to use the proceeds of the issue to buy back 50% of the core
tier 1 securities and to moderate the impact on capital of additional
payments to the Dutch state corresponding to an adjustment in the fees
for the Illiquid Assets Back-up Facility (IABF).

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For full details on Morgan Stanley (MS) MS. Morgan Stanley (MS) has Short Term PowerRatings at TradingMarkets. Details on Morgan Stanley (MS) Short Term PowerRatings is available at This Link.

For full details on JPMorgan Chase and Co. (JPM) JPM. JPMorgan Chase and Co. (JPM) has Short Term PowerRatings at TradingMarkets. Details on JPMorgan Chase and Co. (JPM) Short Term PowerRatings is available at This Link.

For full details on (IND) IND. (IND) has Short Term PowerRatings at TradingMarkets. Details on (IND) Short Term PowerRatings is available at This Link.

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