{"id":9187,"date":"2023-04-03T11:12:39","date_gmt":"2023-04-03T09:12:39","guid":{"rendered":"https:\/\/investmentbell.com\/?p=9187"},"modified":"2023-08-30T13:48:07","modified_gmt":"2023-08-30T11:48:07","slug":"unicredit-kicks-off-first-tranche-of-share-buyback-for-2-34-billion-euros","status":"publish","type":"post","link":"https:\/\/investmentbell.com\/de\/news\/market-overview\/unicredit-kicks-off-first-tranche-of-share-buyback-for-2-34-billion-euros\/","title":{"rendered":"UniCredit kicks off first tranche of share buyback for 2.34 billion euros"},"content":{"rendered":"<p>MILAN (Reuters) &#8211; UniCredit will kick off on Monday the first tranche of a share repurchase programme which received supervisory approval last week, a key part of Chief Executive Andrea Orcel&#8217;s plans to boost the bank&#8217;s share price.<\/p>\n\n\n\n<p>UniCredit said it had hired BNP Paribas (OTC:BNPQY) to buy back up to 2.34 billion euros ($2.53 billion) worth of shares, equivalent to 12% of the bank&#8217;s capital, with completion expected by the end of June.<\/p>\n\n\n\n<p>The European Central Bank last week gave UniCredit a green light to buy back 3.34 billion euros of its own shares, following a 2.58 billion euro buyback completed last year.<\/p>\n\n\n\n<p>UniCredit trades at a discount to its book value, and Orcel has repeatedly said his goal is to lift the share price to trade in line with the book value.<\/p>\n\n\n\n<p>The gap between the two is set to narrow on a per share basis once the repurchased shares are cancelled, due to the fact that they are being bought at a discount.<\/p>\n\n\n\n<p>Buybacks also increase earnings per share since there are fewer shares in circulation.<\/p>\n\n\n\n<p>UniCredit&#8217;s shares were trading almost 2% higher by 0721 GMT, comfortably outperforming a 0.7% rise in Italy&#8217;s banking index.<\/p>\n\n\n\n<p>($1 = 0.9247 euros)<\/p>\n<div class=\"rate-now\"><span id=\"rate-mypost9187\"><\/span> <span id=\"rate-points\"> 0<\/span><\/div>\n\t\t\t<script type=\"text\/javascript\">jQuery('#rate-mypost9187').raty({\n\t\t\t\thalfShow : true,\n\t\t\t\thalf: true,readOnly: true,score: 0,\n\t\t\t\tpath: \"https:\/\/investmentbell.com\/wp-content\/plugins\/userpro-rating\/images\/\"\n\t\t\t\t});<\/script>","protected":false},"excerpt":{"rendered":"<p>MILAN (Reuters) &#8211; UniCredit will kick off on Monday the first tranche of a share repurchase programme which received supervisory approval last week, a key part of Chief Executive Andrea Orcel&#8217;s plans to boost the bank&#8217;s share price. UniCredit said it had hired BNP Paribas (OTC:BNPQY) to buy back up to 2.34 billion euros ($2.53 [&hellip;]<\/p>","protected":false},"author":13,"featured_media":9188,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[89],"tags":[],"class_list":{"0":"post-9187","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-market-overview-news"},"_links":{"self":[{"href":"https:\/\/investmentbell.com\/de\/wp-json\/wp\/v2\/posts\/9187","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/investmentbell.com\/de\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/investmentbell.com\/de\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/investmentbell.com\/de\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/investmentbell.com\/de\/wp-json\/wp\/v2\/comments?post=9187"}],"version-history":[{"count":1,"href":"https:\/\/investmentbell.com\/de\/wp-json\/wp\/v2\/posts\/9187\/revisions"}],"predecessor-version":[{"id":145741,"href":"https:\/\/investmentbell.com\/de\/wp-json\/wp\/v2\/posts\/9187\/revisions\/145741"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/investmentbell.com\/de\/wp-json\/wp\/v2\/media\/9188"}],"wp:attachment":[{"href":"https:\/\/investmentbell.com\/de\/wp-json\/wp\/v2\/media?parent=9187"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/investmentbell.com\/de\/wp-json\/wp\/v2\/categories?post=9187"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/investmentbell.com\/de\/wp-json\/wp\/v2\/tags?post=9187"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}