CaixaBank has officially commenced a significant share buyback programme, valued at up to €500 million on Monday, as detailed in their announcement to the National Securities Market Commission (CNMV).
Strategic Plan Implementation
This move follows the bank’s strategic plan set for 2022-2024, where the Board approved the initiation of the sixth share buyback program totaling €500 million. This action aligns with the bank’s distribution plan to achieve a target of €12,000 million.
Program Management
Goldman Sachs Bank Europe SE has been entrusted with the management of the buyback programme. They operate independently and are responsible for making decisions regarding the timing and volume of shares purchased. However, these decisions are bound by the regulations set forth by the European authorities.
Compliance with Regulations
The program manager is obligated to adhere to the Market Abuse Regulation and Delegated Regulation (EU) 2016/1052. These regulations impose certain restrictions, including limitations on acquiring more than 25% of the average daily trading volume of shares on each trading venue. This calculation is based on the twenty trading days preceding each purchase.
Transparency and Communication
CaixaBank underlines its commitment to transparency by stipulating that all operations conducted within the buyback programme, along with any potential alterations, suspensions, or premature terminations, will be promptly disclosed to the CNMV and other relevant authorities.
CaixaBank’s initiation of the share buyback programme underscores the institution’s dedication to strategic planning and transparent communication, positioning itself as a trusted entity in the financial market.
