The Strategist

Italy's Intesa cuts its share buyback program for 2022

06/27/2022 - 15:57

The share repurchase plan for 2022 at Italy's Intesa Bank has been cut in half.

The biggest bank in Italy, Intesa Sanpaolo, reduced its share repurchase program by half this year, to €1.7 billion. It also intends to decide on the second half of the shares early in the next year.

Intesa announced in February of this year a €3.4 billion scheme to buy its own securities. By 2025, the bank wants to give investors a return of more than €22 billion.

The bank states that the condensed program will begin in early July and should wrap up by the end of October.