ABN AMRO announces €500 million share buyback programme
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ABN AMRO announced today the start of a share buyback programme under which it plans to repurchase depositary receipts and ordinary shares of ABN AMRO Bank N.V., with a maximum total value of €500 million and for a number of shares not exceeding the authority granted by the general meeting of shareholders on 21 April 2021 (10% of the issued shares).
The share buyback programme will commence on February 10th 2022 and is expected to end no later than June 2022. The purpose of the share buyback programme is to reduce the share capital of ABN AMRO.
“ABN AMRO intends to provide an attractive return to shareholders and this buyback is an important milestone’ says Robert Swaak, CEO ABN AMRO Bank. ‘We made good progress on our strategic agenda, including the rapid wind-down of non-core activities, strengthening our digital foundation, and progressing on our remediation programmes. Although the environment was challenging our capital ratios strengthened during the year which gave us confidence to release additional capital to shareholders. With this programme we are adding share buybacks as an instrument to manage our capital position.”
ABN AMRO’s CET1 ratio was 16.3% at the end of the fourth quarter of 2021. The capital required for the announced share buyback programme has been reserved and is already excluded from year-end capital ratios. The ECB has approved the share buyback programme, which will be executed within the limitations of the existing authority granted by the general meeting of shareholders on 21 April 2021 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 depository receipts via off-market transactions, thereby maintaining its relative stake in the company.