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STOCKHOLM - Swedbank AB (OTC:SWDBY) announced today that its Board of Directors has decided to exercise the authorization granted at the 2024 Annual General Meeting to buy back shares. This action is intended to facilitate the delivery of shares to participants in Swedbank’s employee compensation programs, named Eken 2024 and IP 2024.
The share acquisition aligns with the Nasdaq Stockholm’s Nordic Main Market Rulebook and the EU’s Market Abuse Regulation and Safe Harbour Regulation. The bank has appointed an independent investment firm or credit institution to execute the buybacks, ensuring that decisions on the timing of the purchases are made without influence from Swedbank.
The conditions of the buyback program include a cap of 2,300,000 shares, not to exceed a total purchase amount of SEK 700 million, and stipulate that Swedbank’s own shareholdings must not surpass 10 percent of the total shares in the company. The share price for the acquisitions will be set within the current price range on Nasdaq Stockholm, and the program is set to continue until the 2025 Annual General Meeting. Payment for the shares will be made in cash.
As of today, Swedbank holds 6,686,779 of its own shares with a total of 1,132,005,722 shares issued. The bank emphasizes its commitment to fostering a financially sound and sustainable society, serving over 7 million retail customers and 550,000 corporate clients in its home markets of Sweden, Estonia, Latvia, and Lithuania, as well as having a presence in other Nordic countries, the U.S., and China.
This share buyback initiative is based on a press release statement and is part of Swedbank’s effort to ensure the delivery of shares for its employee compensation schemes.
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