On Thursday, UniCredit announced the launch of the second tranche of its share buyback program, worth almost 1.6 billion euros.

The Italian banking group says the operation, which is due to start today and end in July at the latest, will involve the acquisition of a maximum of 200 million shares, representing 12% of its share capital.

The shares acquired under the program will be cancelled.

UniCredit states that it has obtained the authorization of the European Central Bank (ECB) and has entered into an agreement with the American bank BofA for the share buyback.

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