DNB Bank ASA (OB:DNB) commences an Equity Buyback for 52,834,546 shares, representing 3.5% of its issued share capital, under the authorization approved on April 29, 2024.
June 21, 2024 at 08:40 pm
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DNB ASA (OB:DNB) commences share repurchases on June 18, 2024, under the program mandated by the shareholders in the Annual General Meeting held on April 29, 2024. As per the mandate, the company is authorized to repurchase up to 52,834,546 shares, representing 3.5% of its issued share capital, for a total nominal value of NOK 652.982 million. The shares will be repurchased at a price between NOK 10 per share to NOK 300 per share. The shares repurchased will be cancelled. The authorization will apply until the Annual General Meeting in 2025. As of April 5, 2024, the company had 1,509,558,478 issued and outstanding shares and had 33,054,725 treasury shares.
On June 17, 2024, the company announces a share repurchase program. Under the program, the company will repurchase up to 14,925,301 shares for a total of NOK 3,358 million. The purpose of the program is to optimize the company's capital structure, by reducing the common equity tier 1 capital ratio by approximately 0.3% points. The program has been approved by the Financial Supervisory Authority of Norway. Out of the 14,925,301 shares, the company will buy 9,850,699 shares on trading venues. The program will end on September 13, 2024. The remaining 5,074,602 shares will be redeemed from the Norwegian Government, represented by the Ministry of Trade, Industry and Fisheries. The shares will be redeemed at a price equal to the average price of the shares bought back on trading venues, with the addition of an interest compensation.
DNB Bank ASA is the leading financial group in Norway. Net Banking Product breaks down by activity as follows:
- corporate banking (61.7%);
- retail banking (35.2%): sale of conventional and specialized banking products and services;
- other (3.1%): insurance, savings management, asset management etc.
At the end of 2023, the group had NOK 1,422.9 billion in current deposits and NOK 1,997.4 billion in current credits.
DNB Bank ASA (OB: DNB) commences an Equity Buyback for 52,834,546 shares, representing 3.5% of its issued share capital, under the authorization approved on April 29, 2024.
DNB BANK ASA 
