Banco Sabadell has already completed 66.7% of its share buyback program for 331 million euros, according to what the financial entity communicated this Monday to the National Securities Market Commission (CNMV).
Between September 21 and 25, the bank based in Sabadell acquired more than 5.78 million of its own shares, paying an average price of 3.721 euros per share and allocating just over 21.52 million euros to these operations. With these purchases, the accumulated volume rises to 61.68 million shares for an amount close to 221 million euros.
The buyback program contemplates a maximum amount of 331 million euros and sets a cap of 467,846,248 own shares to be acquired, equivalent to approximately 10% of the bank's share capital.
The operations are being carried out at market prices. However, the entity will not be able to acquire shares at a price higher than the highest of the last independent transaction or the highest independent purchase offer in the trading center where the order is executed.
Furthermore, Banco Sabadell has committed not to buy more than 25% of the average daily trading volume of its shares recorded in the 20 previous trading days in the corresponding trading center during the same trading session. The buyback plan has a maximum validity until December 31.
Despite this, the bank reserves the possibility of concluding the program before that date in case it reaches the maximum number of shares planned or exhausts the maximum authorized amount.
The execution of the buyback program falls on the team that, in accordance with Banco Sabadell's treasury stock policy, assumes the responsibility of carrying out operations on the entity's own shares.