Company: INGVF
Filing Date: 2025-09-04
Form Type: 424B5
Source: 0001193125-25-196042
Chunk: 58

Company: ING GROEP NV
Filing Date: 2025-09-04
Form: 424B5
Chunk 58
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 capital plans.

A number of regulators have proposed, are proposing or are
considering or implementing legislation and rulemaking, or have implemented legislation and rules, that could have a significant impact on the future legal entity structure, business mix and management of the Group. These include (a) the
European Commission proposals of January 2014 for a directive to implement recommendations of the EU High Level Expert Group Review (the Liikanen Review), (b) the final rules issued by the U.S. Board of Governors of the Federal Reserve System
implementing various enhanced prudential standards under Section 165 of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 applicable to certain foreign banking organizations and their U.S. operations and (c) the Banking
Reform Package and the Basel III Finalization as mentioned above. These laws and regulations and the way in which they are interpreted and implemented by regulators may have a number of significant consequences, including changes to the legal entity
structure of the Group, changes to how and where capital and funding is raised and deployed within the Group, increased requirements for loss-absorbing capacity within the Group and/or at the level of certain legal entities or sub-groups within the Group and potential modifications to the Group’s business mix and model (including potential exit of certain business activities). These and other regulatory changes, and the resulting
actions taken to address such regulatory changes, may have an adverse impact on the Group’s, and therefore the Issuer’s, performance and financial condition, which could in turn affect the levels of Group CET1 Capital and Group Total
Risk Exposure Amount and, therefore, the resulting Group CET1 Ratio. It is not yet possible to predict the detail or effects of such legislation or regulatory rulemaking or the ultimate consequences to the Group or the holders of the Securities
which could be material.

S-47

See also “— Implementation of Basel III / CRD IV and additional Competent Authority supervisory expectations, and future changes under the Banking Reform Package.”

You will bear the risk of depreciation of the euro against the U.S. dollar.

Upon a Conversion (except in the case of a Liquidation Event), you will be
entitled to receive ordinary shares of the Issuer or ADSs representing ordinary shares of the issuer. The ADSs representing ordinary shares trade in U.S. dollars, while the Issuer’s ordinary shares are denominated and trade in euro. The euro
value of the Issuer’s ADSs may fluctuate depending on the exchange rate between the