BBVA starts execution of next €1 billion of its share buyback program
BBVA will resume today, March 16, 2022, the execution of its share buyback program. After completing a €1.5 billion initial tranche, it will continue with an additional amount of up to €1 billion, to be executed in the next two to three months. Following its completion, BBVA will proceed with additional buybacks of up to a maximum of €1 billion, thus completing its share buyback program for a maximum of €3.5 billion, one of the largest among European banks to date.
Last October, the ECB authorized BBVA to repurchase up to 10 percent of the Group’s shares, for a maximum of €3.5 billion, during a maximum of 12 months (until October 28, 2022).
The first tranche of BBVA’s share buyback program for €1.5 billion was executed by J.P. Morgan. It started on November 22, 2021 and ended successfully on March 3, 2022. The total number of shares acquired stood at 281,218,710, representing approximately 4.22 percent of BBVA’s social capital on that date.
The share buyback of up to €1 billion announced today will extend over the next two to three months, to be concluded between May 16 and June 30, 2022. The total number of shares that BBVA will be able to acquire will not exceed 356,551,306 shares. The purchase of shares in the market will be carried out by an external lead-manager (in this case, Goldman Sachs).
Once the execution of today’s announcement has been completed, BBVA will launch an additional buyback for a maximum amount of €1 billion, thus completing the share buyback program announced in 2021 for up to €3.5 billion, one of the largest among European banks to date.