CaixaBank repurchases 18.3 million shares for 56.8 million euros

May 23, 2022

MADRID, 23 May. (EUROPA PRESS) –

CaixaBank has invested the first 56.8 million euros to acquire 18.3 million euros within the framework of its share buyback program, as announced this Monday through a notification to the National Securities Market Commission (CNMV). ).

This investment represents 3.15% of the maximum amount authorized for the repurchase of 1,800 million euros. It should be remembered that this program will not exceed 10% of the bank’s share capital, its maximum duration will be 12 months and the chosen manager is Morgan Stanley Europe SE.

Between the start of the buyback programme, on May 17 and May 20, CaixaBank has acquired a total of 18.3 million shares at an average price of 3.09 euros per share, while the total amount has risen to 56.8 million euros.

The acquisitions have been made in the Spanish Stock Market Interconnection System-Mercado Continuo, as well as in DXE Europe, Turquoise Europe and Aquis Exchange.

This repurchase program is included within the remuneration provided for in the Strategic Plan that the entity has designed for the 2022-2024 period, presented on May 17. Specifically, CaixaBank plans to generate around €9,000 million of capital that it plans to distribute among shareholders until 2024 through cash dividends and repurchase programs.

During the presentation of the plan, the CEO of the entity, Gonzalo Gortázar acknowledged that the bank’s intention is that this repurchase of 1,800 million euros is not the last, but the way in which those 9,000 million euros could be distributed will be a decision to be taken by the board of directors in the future.

“There is a minimum payout of 50% and the rest is going to be the board’s decision between payment, share repurchase or a combination of both. We have to maintain that flexibility as a board and I think it’s the right thing to do from that point of view. Obviously, there are advantages and disadvantages, there are shareholders who prefer payments, others prefer those share buybacks that may be more attractive at times,” the CEO explained to analysts last Tuesday.

“My expectation is that it will be a combination, that this share repurchase program published today will not be the last, or so I hope. How the final distribution is presented remains to be decided and we will decide when the time comes,” he added.