06:29 AM EDT, 10/31/2024 (MT Newswires) -- ING Groep ( ING ) said Thursday it is expanding its shareholder distribution with an additional 2.5 billion euros ($2.72 billion) to help push its CET1 ratio towards a 12.5% target.

The distribution consists of a buyback program worth 2 billion euros and a cash dividend payment of 500 million euros, ING said.

The buyback will commence Thursday and continue until April 30, while the cash dividend is expected to be paid on Jan. 16, the bank said.

ING said its CET1 ratio was 14.3% at the end of Q3.