BBVA completed the first €1 billion tranche of its new €2 billion share buyback on 2 October. The Spanish bank repurchased 40,204,840 shares, equal to about 0.73% of its share capital. BBVA disclosed the completion after notifying Spain’s National Securities Market Commission.
The tranche began on 6 August after the European Central Bank authorised the broader programme. BBVA had announced the additional €2 billion capital return alongside its first-half results. The completed purchases represent half of that announced amount.
CAPITAL RETURN ADVANCED
The €1 billion total and 40,204,840-share count imply an average near €24.87 per share. BBVA said the repurchased shares would be cancelled to reduce share capital.
The CNMV register recorded BBVA’s notice on 2 October, providing a regulatory record of the completion. Spanish news agency Europa Press separately reported the number of shares and the value of the finished tranche.
NEXT TRANCHE AWAITS EXECUTION
The programme forms part of BBVA’s use of surplus capital after earlier shareholder distributions. Completing the first tranche moves the bank halfway through the latest €2 billion commitment, subject to the terms and authorisations governing further purchases.
Investors will next watch for BBVA to announce the execution terms and timing of the remaining €1 billion. Any further tranche will require the bank to follow the limits stated in its programme and continue reporting purchases through the Spanish regulator.