ABN AMRO Launches €500 Million Share Buyback Program to Enhance Capital Structure

(IN BRIEF) ABN AMRO announces the commencement of its third share buyback program, with plans to repurchase depositary receipts and ordinary shares of ABN AMRO Bank N.V. worth up to €500 million. The buyback, approved by the ECB, aims to reduce the bank’s share capital and is set to run from February to June 2024. With the purpose of enhancing its capital structure, ABN AMRO will cancel the repurchased shares, ensuring compliance with regulatory requirements and the Market Abuse Regulation. Additionally, NLFI, the majority shareholder, intends to lower its stake to approximately 40% through off-market transactions, maintaining its relative share in the company. Weekly updates on the progress of the program will be provided via press releases and the ABN AMRO Investor Relations website.

(PRESS RELEASE) AMSTERDAM, 15-Feb-2024 — /EuropaWire/ — ABN AMRO announced the start of a third share buyback programme under which it plans to repurchase depositary receipts and ordinary shares of ABN AMRO Bank N.V., with a maximum total value of €500 million and for a number of shares not exceeding the authority granted by the general meeting of shareholders on 19 April 2023 (10% of the issued shares).

The share buyback programme will commence on February 15th 2024 and is expected to end no later than June 2024. The purpose of the share buyback programme is to reduce the share capital of ABN AMRO. ABN AMRO’s CET1 ratio was 14.3% at the end of the fourth quarter of 2023. The capital required for the announced share buyback programme has been reserved and is already excluded from year-end capital ratios. The repurchased shares will be cancelled following the completion of the share buyback.

The ECB has approved the share buyback programme, which will be executed within the limitations of the existing authority granted by the general meeting of shareholders on 19 April 2023 and in compliance with the Market Abuse Regulation.

NLFI as a majority shareholder is currently executing a trading program with the intention to bring its stake down to approximately 40%. NLFI will participate in the buyback pro-rata on the basis of a 40% interest via off-market transactions, thereby avoiding an increase in its relative stake in the company.

ABN AMRO has entered into a non-discretionary arrangement with a financial intermediary to conduct the open market buyback. ABN AMRO will provide weekly updates on the progress of the programme via a press release and on the Investor Relations section of the ABN AMRO website
https://www.abnamro.com/en/home/information/share-buyback-programme

Media Contact:

Jarco de Swart
Senior Press Officer Corporate Affairs, Finance, Legal and Sustainability
jarco.de.swart@nl.abnamro.com
+31 (0)20 6282160

SOURCE: ABN AMRO Bank N.V.