AABENRAA, Denmark - Sydbank A/S, a Danish financial institution, has continued its share buyback program, acquiring a total of 71,000 shares last week at an average price of DKK 350.22 per share, amounting to DKK 24.9 million. This latest transaction is part of a larger DKK 1.2 billion buyback initiative that began on March 4, 2024, and is set to conclude by January 31, 2025.
The buyback program, announced on February 28, 2024, is aimed at reducing Sydbank's share capital and is being conducted in accordance with the EU Market Abuse Regulation and the Commission Delegated Regulation, commonly known as the Safe Harbour rules.
Since the start of the program, Sydbank has repurchased 2,942,000 shares for a total consideration of DKK 1.04 billion. The transactions were carried out by Danske Bank (CSE:DANSKE) A/S on behalf of Sydbank and involved shares traded under ISIN DK 0010311471.
Following these recent purchases, Sydbank now holds a total of 2,945,141 of its own shares, representing 5.39% of the bank's share capital. The company has been transparent about its transactions, providing details in accordance with Article 5 of the EU Market Abuse Regulation.
This information is based on a press release statement issued by Sydbank A/S. The financial community watches such buyback programs closely as they can indicate a company's confidence in its own financial health and often affect the stock's supply and demand dynamics. However, the broader implications for the banking sector and Sydbank's future market performance remain to be seen as the buyback program unfolds.
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