BBVA has informed the National Securities Market Commission (CNMV) that it has already executed 15.1% of the second tranche of its share buyback program for 2 billion euros, corresponding to the 1 billion euros still pending.
According to the communication sent to the supervisor, the bank chaired by Carlos Torres has repurchased between October 19 and 23, inclusive, 3.2 million shares, at an average price of 22.46 euros per share, which represents an outlay of just over 72 million euros.
The objective of this plan is to repurchase ordinary shares for their subsequent amortization through the reduction of share capital. In this second tranche, the maximum number of shares to be repurchased cannot exceed 507.8 million shares.
Regarding the schedule, the purchases of this second tranche, which started last Wednesday, October 14, will extend, at the earliest, until January 7, 2027, and, as a deadline, until February 4 of that same year. However, the entity maintains the possibility of temporarily interrupting or prematurely concluding this tranche if circumstances advise it.
The repurchase operations will be carried out in the Spanish Continuous Market and on the trading platforms CBOE Europe, Turquoise Europe, and Aquis Exchange. JPMorgan will act as the entity responsible for executing the buy orders. Additionally, no more than 25% of the average daily volume of the shares in the trading center where the operation is carried out will be acquired on any trading day.
The bank has already completed the first tranche of this program after acquiring 40,204,840 shares, representing approximately 0.73% of its share capital, between August 5 and October 1.
As part of its shareholder remuneration policy, BBVA plans to distribute 36 billion euros between 2025 and 2028. Of that amount, the entity has already agreed to distribute around 14.2 billion euros through dividends and ordinary and extraordinary share buybacks.