Italy's Intesa cuts its share buyback program for 2022

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.

source: reuters.com