Banco Sabadell has launched a share buyback programme worth a maximum of €331 million, as announced to the CNMV. The aim is to retain the shares for subsequent amortisation and reduce capital.
Banco Sabadell has begun executing a new share buyback programme, as communicated to the National Securities Market Commission (CNMV). The plan, which will extend until December 31, involves the acquisition of up to 467,846,248 shares, representing approximately 10% of the entity's share capital.
The maximum amount allocated to this operation is €331 million. The buyback will be conducted at market price, with the condition that shares will not be purchased at a price higher than the highest price of the last independent transaction or the highest independent purchase offer in the trading centre where the purchase is made.
The entity has also set a daily limit: it will not acquire more than 25% of the average daily volume of shares traded in the 20 trading days prior to each purchase date in the corresponding trading centre. This measure aims to avoid market distortions.
The programme will be managed by the team responsible for Banco Sabadell's treasury stock policy, which has already begun executing purchase orders. The strategy, announced last week during the second quarter results presentation, aims to retain the shares in treasury stock for subsequent amortisation through a capital reduction.
Banco Sabadell's CEO, Marc Armengol, highlighted in that presentation that shareholder remuneration is a key axis in the bank's strategy. "The stock is unstoppable," Armengol stated, adding that despite expectations of a decline due to the rejection of the takeover bid or the extraordinary dividend from the sale of TSB, the value has maintained exceptional performance and still has upward potential.
This buyback programme adds to other initiatives by Sabadell to enhance profitability for its investors. The entity, headquartered in Alicante but with a strong presence in the province of Barcelona, aims to consolidate its position in the stock market and generate confidence among shareholders.
For local investors, this news may have a direct impact on the value of their portfolios. Sabadell shareholders in the province of Barcelona, where the bank has an extensive network of branches, could see an increase in the share price as the buyback progresses. Additionally, the planned capital reduction could translate into an increase in earnings per share in the future.
The programme will unfold over the coming months, with the pace of purchases depending on market conditions. Interested investors can follow the developments through CNMV announcements.
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