Nordea Bank Abp (NRDEF.PK) on Friday announced the launch of a share buy-back programme of up to 250 million euros. The programme is expected to begin on March 10 or as soon as possible following that date. The bank plans to end the programme no later than June 13.
The Nordic financial services group said that the purpose of the share buy-back programme is to sustain an efficient capital structure and increase the shareholder returns. It also revealed that a third-party broker has been appointed in-charge of this buy-back programme.
The share repurchase will take place in public trading on Nasdaq Helsinki, Nasdaq Stockholm and Nasdaq Copenhagen.
No shares will be repurchased in the US or in respect of its American Depositary Receipts, Nordea Bank added.
Nordea holds about 11.51 million treasury shares for remuneration purposes before the start of the buy-back programme.
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