(Alliance News) - BFF Bank Spa has announced that the board of directors has approved the start of the regulatory process directed at the Bank of Italy's issuance of authorization for the purchase of the bank's own shares.

The program, already authorized by the shareholders' meeting last April, is for a maximum amount of EUR8.5 million with an estimated impact of about 29 bps of the Bank's CET1 ratio calculated on a pro-forma basis as of June 30.

"The purchase of treasury shares," BFF specifies in a statement, "will be aimed at equipping the Bank with the provision of financial instruments to fulfill the obligations under the remuneration and incentive systems.

BFF Bank's stock rises 0.4 percent to EUR9.47 per share.

By Chiara Bruschi, Alliance News reporter

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