Intesa Sanpaolo Launches Initial Share Buyback Program For EUR 1.70 Bln

Italian bank Intesa Sanpaolo (ISNPY.PK,IITSF.PK) Monday said it is launching an initial share buyback programme for an outlay of 1.70 billion euros.

The program, which was approved by its Shareholders' Meeting of April 29, was authorised by the ECB.

ECB decision authorises the purchase of own shares for buyback for a maximum total outlay of 3.40 billion euros and a number of shares not exceeding 2.62 billion Intesa Sanpaolo ordinary shares.

The Board of Directors of Intesa Sanpaolo, at its meeting today, also made the resolution to defer to a subsequent date, by the time the results as at December 31, 2022 are approved, the decisions regarding the execution for the remaining authorised amount.

The buyback programme, which may be executed partially and/or in instalments, will be launched on July 4 and is expected to be completed by the end of October 2022.

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