Commerzbank AG is kicking off a share buyback worth as much as €1 billion ($1.2 billion) after securing the necessary approvals from regulators.
The German lender announced in August it had applied for authorization to the European Central Bank and the German Finance Agency, which holds a big stake in the bank.
“Returning capital to our shareholders is a core element of our value creation strategy,” Chief Executive Officer Bettina Orlopp said in a release Wednesday. “For the current financial year, we aim to return 100% of our net result before restructuring expenses and after AT1 coupon payments.”
Orlopp said ...
