Overview
- The program has regulatory approvals, will begin on December 22, and will be executed in tranches over several months.
- BBVA presents the operation as an alternative path to reward investors following its unsuccessful bid for Banco Sabadell.
- The €3.96 billion equals about 100 basis points of capital that the bank will deduct from year‑end CET1, which stood at 13.42% in June versus an 11.5–12% target range.
- The move forms part of the roughly €36 billion BBVA plans to distribute to shareholders between 2025 and 2028 through ordinary and additional payouts.
- Recent actions include completing a €993 million repurchase on December 10 and paying a €1.842 billion extraordinary cash dividend on November 7, with management calling the bank an attractive investment.