UniCredit: With a EUR 1.7 billion equity repurchase programme, it ‘rewards’ investors

The announced that it would start repurchasing EUR 1.7 billion (US$1.89 billion), as it implements the biggest return to investors among European banks, Bloomberg reported. Repurchase will begin today (16.9.2024) and can be completed by November, UniCredit said in a statement while Morgan Stanley will act as abroker and decide independently on stock purchases. CEO Andrea Orcel is committed to returning 10 billion euros to shareholders this year, most among Europe’s top banks, according to the records Bloomberg examined. UniCredit, who revealed this month that she may be interested in a possible takeover of German competitor Commercebank, said the 9% market of its share in the German bank would not affect its distribution policy. The European Central Bank, which oversees Europe’s banks, has approved the buyback of shares, the Italian bank said earlier this month. European banks strengthen their payments after the ECB started interest rate increases two years ago and launched their profits.