Nordea completes fourth share buy-back programme
Nordea Bank Abp
Stock exchange release – Other information disclosed according to the rules of the Exchange
22 February 2024 at 17.00 EET
Nordea has now completed its fourth share buy-back programme announced in April 2023. From 28 April 2023 to 21 February 2024, Nordea repurchased 97,406,133 of its own shares (FI4000297767) at an average price per share of EUR 10.26.
On 26 April 2023, Nordea announced a share buy-back of up to EUR 1.0bn, based on the authorisation granted to the Board by the 2023 Annual General Meeting. The purpose of share buy-backs is to pursue an efficient capital structure and generate sustainable shareholder returns by reducing Nordea’s excess capital. Since the inception of the inaugural buy-back programme in October 2021, Nordea has distributed EUR 5.5bn to its shareholders through repurchasing around 544 million shares at an average price of EUR 10.09 per share.
Nordea repurchased the shares in public trading otherwise than in proportion to the shareholdings of its shareholders (directed repurchases). The repurchased shares were cancelled on a monthly basis.
The repurchases of the fourth buy-back programme reduced the company’s unrestricted equity by EUR 1.0bn. Nordea now holds 15,912,565 treasury shares for capital optimisation purposes and 4,787,315 treasury shares for remuneration purposes.
Nordea expects to continue to use share buy-backs to distribute excess capital to Nordea’s shareholders in accordance with Nordea’s capital and dividend policy.
For further information:
Ilkka Ottoila, Head of Investor Relations, +358 9 5300 7058
Media inquiries, +358 10 416 8023 or press@nordea.com
The information provided in this stock exchange release was submitted for publication, through the agency of the contacts set out above, at 17.00 EET on 22 February 2024.
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