Intesa gives the green light to the second tranche of buyback
Intesa Sanpaolo kicks off the second tranche of its 1.7 billion buyback while climbing the ranking of European banks by overall capitalization by one place. As regards the buyback, these are the second half of the overall 3.4 billion euro program and for a number of shares not exceeding 2,615,384,615 ordinary shares. The treasury share buyback program was approved by the Intesa shareholders’ meeting on 29 April last year.
The first execution of the buyback program began in July 2022 and ended in October 2022 with the disbursement of 1.7 billion and the purchase of 988,632,803 shares, all cancelled. The new purchase program, approved by the board of directors last Friday on the occasion of the presentation of the 2022 accounts, will be launched on February 13, next Monday. The maximum number of treasury shares purchased by Intesa will not exceed 1,626,751,812. The buyback will end by May 12, 2023.
Bypassed Ing by market cap
Intesa also climbs the ranking of European banks by overall capitalisation. According to today’s ranking, the institute led by Charles Messina it overtook Ing, reaching a capitalization of 46.5 billion euros, in fifth place among European institutions (including the United Kingdom and Switzerland). Above Intesa remain, in order, HSBC, BNP Paribas, UBS and Santander.