BBVA began the second €1 billion tranche of its extraordinary share buyback programme on 14 October. The Spanish bank said the purchases would cover up to 507,759,303 ordinary shares. The shares acquired are intended for cancellation, reducing the bank's share capital.
The new tranche represents the remaining half of a €2 billion programme announced on 30 July. BBVA completed the first €1 billion tranche on 1 October after purchases that began in August. The fresh execution therefore marks a distinct capital-return milestone rather than a restatement of the original authorisation.
EXECUTION TERMS AND TIMING
BBVA scheduled the tranche to finish no earlier than 7 January 2027 and no later than 4 February 2027. It will end sooner if either the €1 billion monetary limit or the maximum share count is reached. The bank may also suspend or terminate the programme early if circumstances warrant.
J.P. Morgan SE is managing the purchases independently across Spain's continuous market and the Cboe Europe, Turquoise Europe and Aquis Exchange venues. Daily purchases on any venue are capped at 25% of the relevant average daily volume. Those controls are intended to keep execution within the applicable market-abuse rules.
CAPITAL RETURN REMAINS THE FOCUS
BBVA has said it expects to distribute €36 billion to shareholders between 2025 and 2028. Around €14.2 billion of dividends and ordinary or extraordinary buybacks has already been agreed. The second tranche advances that programme while leaving its ultimate share count dependent on market prices and execution.
The next concrete milestone is completion of the tranche within the stated January-to-February window, unless a limit is reached earlier. BBVA will then cancel the repurchased shares and reduce share capital. Investors will also monitor the bank's transaction disclosures for the pace and volume of purchases.