UniCredit S.p.A ("UniCredit", "The Company") has received ECB authorization for the execution of a tranche of the 2023 share buy-back programme for a maximum of Euro 2.5 billion. This approval was based on financial information provided by the Company that exhibited continued significant strength in its capital levels and organic capital generation.
UniCredit's 2023 total distribution target is a minimum of Euro 6.5 billion, versus Euro 5.25 billion in 2022, translating to a total yield of over 16%. This underlines UniCredit's commitment to attractive and sustainable shareholder returns while preserving capital strength. Proforma for this further Euro 2.5 billion buy-back tranche UniCredit's CET1 ratio stands at a best in class 16.33% as at 3Q 2023.
Commencement of the buy-back programme is dependent upon the approval by shareholders of the Company at an Extraordinary Shareholders' Meeting convened on 27 October 2023 for which a Notice of Call was published on 22 September 2023. Please refer to the Company website for further details. Upon receiving shareholder approval, the Company intends to commence the buyback as soon as possible.
Milan, 26 October 2023
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