01:31 PM EDT, 05/02/2024 (MT Newswires) -- ING Groep ( ING ) said Thursday it has started a share-buyback program to repurchase up to 2.5 billion euros ($2.68 billion) of ordinary shares.

The program will end no later than Oct. 29, according to the company.

The company plans to reduce its Common Equity Tier 1 ratio to around 12.5% with the share-repurchase program.

ING Groep ( ING ) shares were up 6.8% in recent trading.

Price: 17.01, Change: +1.08, Percent Change: +6.78