Intesa said it would immediately carry out half of the proposed share buyback and take a decision on the remaining 1.7 billion euros by the time it publishes full year results in February 2023.

The bank has until May 2023 to complete the share purchase.

By 0820 GMT shares in Intesa were up 3.4%.

($1 = 0.9461 euros)

(Reporting by Valentina Za; writing by Giulio Piovaccari, editing by Giulia Segreti)