Commerzbank ends EUR600 million buyback, seeks EUR400 million more

(Alliance News) - Commerzbank AG on Tuesday said it has completed the first EUR600.0 million tranche of its third share buyback programme, and it has applied for approval for a second tranche of up to EUR400 million.

The Frankfurt-based lender said it has repurchased around 38.8 million of its own shares for around EUR15.45 per share, a total value of EUR600.0 million, since it began its third share buyback programme on November 7.

The company said the third programme is the largest in its history.

Chief Executive Officer Bettina Orlopp said: "The completion of the first tranche of EUR600 million is an important step towards our target of returning at least 70% of our net result to our shareholders for the 2024 financial year.

"We have already applied for approval to the European Central Bank and the German Finance Agency for a second tranche of up to €400 m. In the coming years, we aim to further increase the capital return to our shareholders."

The lender bought back around EUR122 million of shares in the first programme in June 2023, before buying back around EUR600 million shares between January and March 2024 in the second programme.

Shares in Commerzbank were down 1.9% to EUR17.76 in Frankfurt on Tuesday morning.

By Michael Hennessey, Alliance News reporter

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