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 :
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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:
/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: /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 programme
May 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 contacts
Sandrine Romano – – +33 (0)6 71 18 23 05
Hacina Habchi – - +33 (0)7 61 97 65 20
1 Market capitalisation as at 30.06.23
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