Commerzbank to start buyback of shares before end of July

 

BERLIN – Germany’s Commerzbank is to start the announced buyback of its own shares, it announced in Frankfurt on Tuesday.

Germany’s Commerzbank is to start the announced buyback of its own shares, it announced in Frankfurt on Tuesday.

From June 7 to July 31 at the latest, the DAX-listed group intends to buy back its own shares worth up to €122 million ($130 milion) on the market, it said following a decision by the board of directors.

The repurchased shares would then be cancelled.

After the billion-euro rescue by the German state in the financial crisis of 2008-09 and expensive restructuring programmes, Commerzbank had again made a profit in the billions in 2022. An even higher profit is expected this year.

“Our scope to distribute capital to our shareholders continues to increase,” chief financial executive Bettina Orlopp said in May.