By Maitane Sardon

 

UniCredit SpA said the European Central Bank has authorized the execution of the second tranche of its 2021 share buyback program for a maximum amount of 1 billion euros ($1 billion).

The second part would bring the total buyback in 2021 to around EUR2.58 billion, the Italian bank said Wednesday.

It added the start of the share repurchase is dependent on shareholder approval at a meeting on September 14.

After Russia's invasion of Ukraine, UniCredit had said its buyback program could be curtailed depending on the extent of the impact from its Russian exposure. In May, it said the first part of the buyback would go ahead, but that the second one was subject to its performance in Russia.

 

Write to Maitane Sardon at maitane.sardon@wsj.com

 

(END) Dow Jones Newswires

August 31, 2022 02:46 ET (06:46 GMT)

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