BNP Paribas launches the first tranche of the share buyback
programme planned for 2023
Paris, 31 March 2023
BNP Paribas
launches the first tranche of the
share buyback programme
planned for
2023
BNP Paribas announces today the launch of the
first tranche of the share buyback programme planned for 2023 for a
maximum amount of EUR 2.5 billion.
BNP Paribas plans to launch a second tranche1 in
the second half of 2023, bringing the total maximum amount to EUR 5
billion, including EUR 4.04 billion, with the intent of
compensating for the effect of the dilution of the net earnings per
share related to the sale of Bank of the West on February 1st,
2023.
BNP Paribas has received the approval from the
European Central Bank for the first tranche and a contract was
concluded with an investment services provider acting
independently, entrusted with an irrevocable instruction to
purchase the shares.
The purchase period will start on April 3rd,
2023 and will end no later than August 3rd, 2023. The shares
purchased under the programme will be cancelled.
BNP Paribas will provide weekly updates on the
progress of the programme via a press release on BNP Paribas’
website, and via full and effective dissemination in accordance
with the applicable legal provisions:
https://invest.bnpparibas/en/search/reports/documents/regulated-information.
The share buyback programme will be carried out
in accordance with the provisions set out in the EU Regulation
n°596/2014 of the European Parliament and of the Council of April
16th, 2014 on market abuse and its implementing provisions, and
within the limits of the authorisation granted to BNP Paribas to
purchase shares on the market pursuant to the 5th resolution
adopted by the General Meeting of BNP Paribas on May 17th,
2022.
The description of the share buyback programme
is available in appendix and on BNP Paribas’s website:
https://invest.bnpparibas/en/search/reports/documents/regulated-information.
APPENDIX: DESCRIPTION OF THE SHARE
BUYBACK PROGRAMME
The present description complies with the
provisions of article 241-2, I of the General Regulation of the
French Financial Markets Authority (Autorité des Marchés
Financiers).
Date of the general meeting which
approved the resolution concerning the share buyback
programmeMay 17th, 2022
Objectives pursued by BNP
PARIBAS
In accordance with the fifth resolution approved
by the combined General Meeting on May 17th, 2022, the shares may
be purchased for the purposes of:
- their cancellation in situations
identified by the Extraordinary General Meeting;
- honoring the obligations linked to
the issuance of equity instruments, stock option plans, bonus share
awards, the allotment or selling of shares to employees as part of
a profit-sharing scheme, employee shareholding or Corporate Savings
Plans, or any other type of share grant for employees and directors
and corporate officers of BNP Paribas and of the companies
controlled exclusively by BNP Paribas within the meaning of article
L.223-16 of the French Commercial Code;
- holding and subsequently remitting
them in exchange or as payment for external growth transactions,
mergers, spin-offs or asset contributions;
- under a market-making agreement in
accordance with Decision No. 2021-01 of 22 June 2021 of the French
Financial Markets Authority (Autorité des Marchés Financiers –
AMF);
- carrying out investment services
for which BNP Paribas has been approved or to hedge them.
Maximum amount allocated to the share
buyback programme, maximum number of shares to be
purchased
The General Meeting has authorised the Board of
Directors to purchase a number of shares representing up to 10% of
the shares comprising the share capital of BNP Paribas, or, for
illustrative purposes, as of December 14th , 2021, the date on
which the share capital was last recorded, a maximum of 123,433,164
shares. Based on a maximum repurchase price of EUR 88 per share,
set by the fifth resolution approved by the General Meeting dated
May 17th, 2022, this number of shares represents a theoretical
maximum purchase amount of EUR 10,862,118,432. Such limit is likely
to change in case of transactions affecting the share capital.
The shares which may be purchased under the
present description are BNP Paribas’ shares listed on Euronext
Paris – A compartment, ISIN Code FR0000131104.
Considering that BNP Paribas owned as of May
6th, 2022 directly 721,971 of its own shares, i.e. 0.06% of its
share capital, the number of shares that was likely to be purchased
at the date of the General Meeting dated May 17th, 2022 is
122,711,193 shares representing 9.94% of the share capital, i.e.,
on the basis of a maximum purchase price of EUR 88 per share as set
by the General Meeting, a theoretical maximum purchase amount of
EUR 10,798,584,984.
Duration of the share buyback
programme
The authorisation granted by the General Meeting
dated May 17th, 2022, as described in the fifth resolution, is
valid for an eighteen-month period with effect from the date of the
said General Meeting, i.e. up to November 17th, 2023.
The Board of directors will ensure that these
share purchases are carried out in accordance with the prudential
requirements as defined by the regulation and the European Central
Bank.
About BNP ParibasBNP Paribas is the European
Union’s leading bank and key player in international banking. It
operates in 65 countries and has nearly 190,000 employees,
including nearly 145,000 in Europe. The Group has key positions in
its three main fields of activity: Commercial, Personal Banking
& Services for the Group’s commercial & personal banking
and several specialised businesses including BNP Paribas Personal
Finance, Arval and Leasing Solutions; Investment & Protection
Services for savings, investment and protection solutions; and
Corporate & Institutional Banking, focused on corporate and
institutional clients. Based on its strong diversified and
integrated model, the Group helps all its clients (individuals,
community associations, entrepreneurs, SMEs, corporates and
institutional clients) to realise their projects through solutions
spanning financing, investment, savings and protection insurance.
In Europe, BNP Paribas has four domestic markets: Belgium, France,
Italy and Luxembourg. The Group is rolling out its integrated
commercial & personal banking model across several
Mediterranean countries, Türkiye, and Eastern Europe. As a key
player in international banking, the Group has leading platforms
and business lines in Europe, a strong presence in the Americas as
well as a solid and fast-growing business in Asia-Pacific. BNP
Paribas has implemented a Corporate Social Responsibility approach
in all its activities, enabling it to contribute to the
construction of a sustainable future, while ensuring the Group's
performance and stability.
Press
contactsSandrine Romano –
sandrine.romano@bnpparibas.com – +33 (0)6 71 18 23
05Hacina Habchi – hacina.habchi@bnpparibas.com - +33 (0)7 61 97 65
20
1 Upon customary condition precedents, including
ECB authorisations
BNP Paribas (BIT:1BNP)
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