SEB completes latest share buyback program and initiates new program
SEB has completed its latest share buyback program under which SEK 1.75 billion of Class A shares has been repurchased. The Board has resolved to utilise the authorisation granted by the 19 March 2024 Annual General Meeting to initiate a new SEK 2 billion buyback program of Class A shares.
On 24 January 2024, SEB announced a SEK 1.75 billion share buyback program for capital management purposes. The repurchases of shares began on 26 January 2024 and ended on 18 March 2024. During this period, SEB repurchased 11,478,937 of its own Class A shares at an average price per share of SEK 152.45, for a total purchase amount of SEK 1.75 billion.
On 19 March 2024, the Board of Directors resolved to utilise the authorisation granted by the Annual General Meeting held on the same day, to initiate a new SEK 2 billion buyback program of Class A shares. The share buyback program is expected to commence on 20 March 2024 and end on 12 July 2024, at the latest. A maximum number of shares may be repurchased so that SEB’s total holding at any time does not exceed 10 per cent of SEB’s total number of issued shares. Repurchased shares are expected to be cancelled.
The share buyback program will be managed by an independent financial investment firm, which will make its trading decisions regarding the timing of the share repurchases independently of, and without influence by, SEB. Share repurchases shall take place on Nasdaq Stockholm Stock Exchange in accordance with the Nordic Main Market Rulebook for Issuers of Shares – NASDAQ Stockholm (Supplement D) and in accordance with the Regulation (EU) No 596/2014 of the European Parliament and of the Council on market abuse (MAR) and the Commission Delegated Regulation (EU) 2016/1052 (the Safe Harbour Regulation). Share repurchases under the share buyback program may periodically be halted for SEB’s repurchases of own shares for SEB’s long-term equity-based incentive programs.
In accordance with the authorisation granted by the Annual General Meeting, the Board also decided that a maximum of 42,800,000 shares of Class A may be acquired and sold for SEB’s long-term equity-based incentive programs.
As of 29 February 2024, the total number of issued shares in SEB amounted to 2,139,983,495 and SEB held 74,603,786 own shares, of which 47,538,650 shares for capital management purposes.
Information about the repurchases under the share buyback program is published weekly on SEB’s website sebgroup.com.
For further information, contact:
Pawel Wyszynski, Head of Investor Relations
+46 70 462 2111
pawel.wyszynski@seb.se
Niklas Magnusson, Head of Media Relations & External Communication
+46 70 763 8243
niklas.x.magnusson@seb.se
SEB is a leading northern European financial services group with international reach. We exist to positively shape the future with responsible advice and capital, today and for generations to come. By partnering with our customers, we want to be a leading catalyst in the transition to a more sustainable world. In Sweden and the Baltic countries, SEB offers financial advice and a wide range of financial services. In Denmark, Finland, Norway, Germany and the United Kingdom, we have a strong focus on corporate and investment banking based on a full-service offering to corporate and institutional clients. The international nature of SEB's business is reflected in our presence in more than 20 countries worldwide, with around 17,500 employees. At 31 December 2023, the Group's total assets amounted to SEK 3,608bn while assets under management totalled SEK 2,361bn. Read more about SEB at sebgroup.com.