DNB Bank to Begin Share Buyback Comprising Up to 1.5 % of Its Shares
By Dominic Chopping
DNB Bank said Monday that it has decided to begin a share-buyback program comprising up to 1.5% of the company's own stock, which represents a total of 23.1 million shares.
The buyback was adopted based on shareholder authorization given in April and will reduce the common equity Tier 1 capital ratio by around 0.50 percentage points, it said. At the end of the second quarter of this year the company had a CET1 capital ratio of 18.9%.
DNB said the Financial Supervisory Authority of Norway has approved the buyback, on the condition that the total buybacks don't reduce the company's own funds by more than 4.9 billion Norwegian kroner ($487.6 million).
Write to Dominic Chopping at dominic.chopping@wsj.com
(END) Dow Jones Newswires
July 17, 2023 01:55 ET (05:55 GMT)
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