UniCredit kicks off second buyback for up to 1 bln euros

Wed Sep 21 2022
Austin Collins (455 articles)
UniCredit kicks off second buyback for up to 1 bln euros

Italy’s second-biggest bank UniCredit (CRDI.MI) said on Wednesday it was kicking off its second share buyback this year, for up to 1 billion euros ($990 million), which it expects to conclude by the end of November.

It has hired BNP Paribas to carry out the purchases of up to 200 million shares, or 9.89% of the bank’s capital at present, which will be cancelled.

By 0717 GMT shares in UniCredit rose 1.3% against a flat Italian banking index 

The latest buyback comes after UniCredit in July completed a first tranche worth 1.58 billion euros, repurchasing 7.42% of its share capital.

The second tranche brings the overall capital distribution on 2021 earnings to 3.75 billion euros, as CEO Andrea Orcel works towards a goal of returning more than 16 billion euros to shareholders by 2024.

Austin Collins

Austin Collins

Austin Collins is our Europe, Asia, & Middle East Correspondent. He covers news related to Stock Market. In past he has worked for many prestigious news & media organizations. He is based in Dubai