MILAN, Sept 20 (Reuters) – Italy’s UniCredit (CRDI.MI) on Wednesday said its strong fundamentals would allow it to bring forward up to 2.5 billion euros ($2.7 billion) of its 2023 share buyback plan.
UniCredit has an overall 2023 capital distribution target of at least 6.5 billion euros, up from 5.25 billion in 2022, which translates into a total yield of more than 16%, it said.
“This underlines UniCredit’s commitment to attractive and
sustainable shareholder returns while preserving capital strength,” UniCredit said in a note, adding that factoring in the announced buyback the pro-forma core capital ratio would stand at 15.8%.
The start of the buyback depends on approval by shareholders at an extraordinary meeting to be called on Oct. 27 as well as supervisory approval.
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