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BRIEF-ING to call 1.5 bln euros 8 pct Hybrid per 18 April 2014
March 18, 2014 / 8:02 AM / 4 years ago

BRIEF-ING to call 1.5 bln euros 8 pct Hybrid per 18 April 2014

AMSTERDAM, March 18 (Reuters) - ING Groep NV : * Will redeem EUR 1.5 billion 8% ING perpetual hybrid capital securities per the call date of 18 April 2014 * Tier 1 hybrid will be replaced by EUR 1.5 billion 3.625% CRD-IV Eligible Tier 2 securities that were successfully issued in February 2014 * Transaction will reduce cost of capital for ING and will contribute to future earnings * As agreed with ec, benefit, estimated at EUR 50 million, to be used to increase next repayment of Core Tier 1 securities to Dutch state

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