0754 GMT - BBVA is launching a new share buyback a bit earlier than expected and, at 2 billion euros, the program is also bigger than anticipated, Keefe, Bruyette & Woods's Hugo Cruz and Ben Maher say in a research note. The buyback represents roughly 2% of the Spanish bank's market capitalization, the analysts say. KBW had expected BBVA's next buyback to amount to 1.5 billion euros. The buyback news came alongside an upgrade to BBVA's annual profitability guidance and higher-than-expected results for the second quarter due to better core revenue and provisions, the analysts say. The bank also renewed its leadership team and appointed a new group CFO and country head for Mexico, they add. Shares rise 2.5%.
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