BNP Paribas launches the EUR 2.5 billion second tranche of the
share buyback programme planned for 2023
Paris, 4 August 2023
BNP Paribas launches the
EUR 2.5 billion second
tranche of the share buyback programme
planned for 2023
The
first tranche of BNP Paribas’
share buyback programme,
launched on 3 April
2023, was fully completed
on 3 August 2023 for an amount of
2.5 billion euros. The second tranche of
BNP Paribas’ share buyback programme for
an amount of 2.5 billion euros will be launched on
7 August 2023 and will
end no later than 8 December
2023.
The execution of the second tranche will bring
the total amount for the 2023 share buyback programme to 5 billion
euros as announced on 7 February 2023, or 7% of BNP Paribas’ market
capitalization1.
Completion of the execution of the first
tranche of BNP Paribas’
share buyback programme for an amount of 2.5 billion euros
on 3 August 2023.
Between 3 April 2023 and 3 August 2023,
43,882,757 BNP Paribas’ shares, 3.6% of the share capital, were
purchased for an overall purchase price of 2.5 billion euros.
In accordance with the announcement made on 31
March 2023, shares acquired in the context of this first tranche of
the share buyback programme will be cancelled.
The description and the weekly information on
the progress of the first tranche of the share buyback programme
executed since 3 April 2023 are available on BNP Paribas’s website
:
https://invest.bnpparibas/en/search/reports/documents/regulated-information.
Launch of the second tranche of BNP
Paribas’ share
buyback program for an amount of
2.5 billion euros on 7 August
2023.
BNP Paribas has received the approval from the
European Central Bank 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 7 August 2023
and will end no later than 8 December 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 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 16th, 2023.
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 16th, 2023
Objectives pursued by BNP
PARIBAS
In accordance with the fifth resolution approved
by the combined General Meeting on May 16th, 2023, 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 May 16th, 2023, 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 89 per share, set by the
fifth resolution approved by the General Meeting dated May 16th,
2023, this number of shares represents a theoretical maximum
purchase amount of EUR 10,985,551,596. 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
11th, 2023 directly 15,145,171 of its own shares, i.e. 1.23% of its
share capital, the number of shares that was likely to be purchased
at the date of the General Meeting dated May 16th, 2023 is
108,287,993 shares representing 8.77% of the share capital, i.e.,
on the basis of a maximum purchase price of EUR 89 per share as set
by the General Meeting, a theoretical maximum purchase amount of
EUR 9,637,631,377.
Duration of the share buyback
programme
The authorisation granted by the General Meeting
dated May 16th, 2023, 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 16th, 2024.
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 Paribas BNP Paribas is the European
Union’s leading bank and key player in international banking. It
operates in 65 countries and has nearly 185,000 employees,
including more than 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 and Arval; 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, Turkey, 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 Market capitalisation as at 30.06.23
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