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$190.41 -3.6  -1.9%

Last Trade - 12/05/21

Large Cap
Market Cap £58.30bn
Enterprise Value £75.34bn
Revenue £11.87bn
Position in Universe 148th / 6853

BBVA to seek shareholders' approval to reduce capital by up to 10%

Mon 15th March, 2021 6:43pm
MADRID, March 15 (Reuters) - Spain's BBVA  BBVA.MC  on
Monday said it would seek the approval from its shareholders to
reduce the bank's share capital up to 10% to carry out a
previously announced share buy-back. 
    "Once this item of the agenda is approved by the AGM (on
April 20), the board will be able to proceed or not with the
buy-back and subsequent share reduction, on one or more
occasions," BBVA said in a statement. 
    In January, the bank announced plans to buy back around 10%
of its shares, worth around 3.1 billion euros ($3.70 billion) at
current market prices, following the sale of its U.S. business
for $11.6 billion to PNC  PNC.N  in November.*:nL8N2K4103
    The lender said this buy-back would not take place before
the closing of the sale of its U.S. unit, expected for mid-2021.
    BBVA also said it would propose to pay a gross cash dividend
of 5.9 euro cents per share in April, in accordance with the 15%
dividend cap set by the European Central Bank against 2020
    With respect to 2021, BBVA said it would propose a first
interim dividend in cash of up to 35 percent of the consolidated
profit for the first half of 2021, subject to the lifting of
regulatory restrictions.
    ($1 = 0.8383 euros)

 (Reporting by Jesús Aguado
Editing by Sonya Hepinstall)
 ((; +34 91 585 8339; Reuters
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