Tuesday, December 7

BBVA launches share buyback plan

BBVA launches this Monday the initial tranche of 1,500 million euros of a share buyback program of up to 10 percent of its capital, as announced by the bank.

The entity said the operation, which is part of its already approved 3.5 billion euro share buyback plan, is expected to be implemented between February 16 and April 5.

It will be run externally via JP Morgan, he claimed.

BBVA has said that this compensation plan would not be subject to any maximum price per share.

Profitability for shareholders

To weather the pandemic, BBVA sold its business in the United States last year, generating more than 8 billion euros in excess capital to focus on reducing costs in Spain and profitability for shareholders.

On Thursday, the bank raised key profitability and cost targets and said it would add 10 million customers by 2024.

BBVA outlined its 2022-2024 plans just days after it offered to buy the rest of Garanti for up to 2.25 billion euros, taking advantage of the fall in the Turkish lira.

BBVA also unveiled a new dividend distribution policy of between 40 and 50 percent of ordinary profit, compared to a previous payment of 35 to 40 percent.


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