By Cristina Roca

 

UniCredit SpA said late on Tuesday that it is launching the first tranche of its buyback in respect of 2021 this week.

The Italian lender will buy shares worth up to 1.58 billion euros ($1.66 billion), equivalent to up to about 9.84% of its shares. The buyback is expected to conclude by the end of July. The shares bought as part of the operation will be cancelled.

A second tranche of the buyback, worth another EUR1 billion, remains subject to UniCredit's performance in Russia, the bank said last week during first-quarter earnings reporting.

 

Write to Cristina Roca at cristina.roca@wsj.com

 

(END) Dow Jones Newswires

May 11, 2022 01:43 ET (05:43 GMT)

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