CaixaBank announced this Monday the launch of a program to buy back its own shares for a maximum amount of 500 million euros with the aim of reducing share capital through the amortization of the securities acquired in the buyback operation.

The entity plans to submit this reduction in share capital to the approval of the ordinary general meeting of shareholders in 2024, as the company has reported to the National Securities Market Commission (CNMV).

CaixaBank has explained that the maximum number of shares to be acquired in this program will depend on the average price at which the purchases take place.

In any case, the securities that are repurchased may not exceed 10% of the entity’s share capital (750.2 million securities) when the own shares that CaixaBank holds at any given time are added.

This program will have a maximum duration of 12 months, although the bank reserves the right to terminate it earlier if the maximum amount set is reached or if any circumstance arises that makes it advisable.

CaixaBank, which has appointed BofA Securities Europe as manager of the program, has indicated that no more than 25% of the average daily volume of shares in the trading center where the purchase is made may be purchased on any trading day, with the volume being average daily of each trading center corresponding to the twenty trading days prior to the date of each acquisition.

Purchases will be made in the Spanish Stock Exchange Interconnection System (Continuous Market), as well as in DXE Europe, Turquoise Europe and Aquis Exchange.