BBVA to Start Executing the Nearly €1 Billion Share Buyback Announced Earlier this Year
This Friday, October 31, BBVA is starting the €993 million share buyback program announced earlier this year, which had been pending execution. This buyback is part of the bank’s ordinary shareholder distribution for the 2024 financial year and contributes to the €13 billion BBVA plans to return to shareholders in the short term (€36 billion between 2025 and 2028) in dividends and share buybacks¹.
BBVA shares acquired will be used to reduce share capital through their cancellation. The buyback program will end no later than February 18, 2025², or earlier if the maximum monetary amount or the maximum number of shares is reached.
Citigroup Global Markets Europe AG will be responsible for executing the buyback on the Spanish continuous market and on European trading platforms.
BBVA accelerates shareholder distributions
In addition to the share buyback starting today, on November 7, BBVA shareholders will receive the bank’s highest interim dividend in history (€0.32 gross per share), for a total amount of approximately €1.8 billion.
Furthermore, given the significant excess capital over the 12 percent CET1 ratio, BBVA’s Board of Directors recently agreed to launch another significant share buyback¹, as soon as it receives authorization from the European Central Bank (ECB).
BBVA’s share buyback track record
This is the third time BBVA has opted to repurchase shares as part of its ordinary shareholder remuneration. The bank repurchased shares worth €422 million against 2022 earnings, and €781 million against 2023 earnings.
In addition, BBVA has carried out two other share buybacks considered extraordinary shareholder remuneration. The first, between 2021 and 2022, amounted to €3.16 billion—one of the largest in Europe at the time—and the second, in 2023, totaled €1 billion.
Overall, BBVA will have executed share buybacks worth more than €6.3 billion since 2021 including the upcoming program set to begin today.
¹Pending approval from the governing bodies and subject to mandatory regulatory approvals.
² The share buy back programme will not be executed on December 24 and 31, 2025.
