Banco Bilbao Vizcaya Argentaria (BBVA) said Friday that it will launch a share buyback program of up to 3.96 billion euros ($4.64 billion) on Monday.
The company said that the program will be executed over several months and completed in tranches, with the repurchased shares to be cancelled to reduce share capital.
The first tranche of the buyback will amount to 1.5 billion euros and is estimated to end between March 6 and April 7, with a maximum repurchase capacity of about 557.3 million shares.
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