ABN AMRO announces EUR 500 million share buyback programme
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ABN AMRO today announced the start of a share buyback programme under which it plans to repurchase depositary receipts and ordinary shares of ABN AMRO Bank N.V. for a maximum total value of EUR 500 million and for a number of shares not exceeding the authority granted by the general meeting of shareholders on 20 April 2022 (10% of the issued shares).
The share buyback programme will commence on 9 February 2023 and is expected to end no later than June 2023. The purpose of the programme is to reduce ABN AMRO’s share capital. ABN AMRO’s CET1 ratio at the end of the fourth quarter of 2022 was 15.2%. The capital required for the announced share buyback programme has been reserved and is already excluded from the year-end capital ratios. The repurchased shares will be cancelled in due course.
The ECB has approved the share buyback programme, which will be executed within the limitations of the authority granted by the general meeting of shareholders on 20 April 2022 and in compliance with the Market Abuse Regulation.
NLFI as majority shareholder will participate in the buyback pro rata to its current holding of 56.3% of shares and depositary receipts via off-market transactions, thereby maintaining its relative stake in the company.