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Unicredit: stock in credit on share buyback plan

( - UniCredit shares are up over 4% in Milan on Wednesday, after the Italian banking group announced its intention to launch a E2.
5bn share buyback program.

At 2.30pm, the stock was up 4.5%, the second-biggest riser on the Italian MIB ESG index, which was up just 1.4% at the same time.

The financial institution says that it benefits from a strong level of capital and has one of the highest levels of organic capital generation in the sector.

It also highlights its solid financial performance, robust asset base and structurally low cost of risk.

All this puts the group in a good position to face periods of economic uncertainty and to start its share buyback program for 2023, it says.
However, the start of the buyback plan depends on approval from its shareholders, who will meet at an EGM at the end of October.

In all, UniCredit plans to pay at least E6.5bn to its shareholders in 2023, compared with E5.25bn in 2022.

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