BBVA has launched a record €3.96 billion share‑repurchase program, the largest in the bank’s history. The first tranche, capped at €1.5 billion, will begin on Monday, December 22, 2025, and the remaining €2.46 billion will be executed over the following months.
The buyback is part of a broader €36 billion capital‑distribution plan for 2025‑2028, which also includes a €13 billion allocation for growth initiatives. BBVA’s capital position remains well above its target range, allowing the bank to reduce its Common Equity Tier 1 ratio while still maintaining a strong buffer.
The decision follows the collapse of BBVA’s bid for Banco Sabadell and signals a strategic pivot toward rewarding shareholders and strengthening the core business. By returning excess capital, BBVA can focus on digital transformation, sustainability, and expansion in key markets such as Mexico and Spain.
CEO Onur Genc said the program “reinforces BBVA’s commitment to delivering attractive returns while investing in high‑growth opportunities.” CFO Luisa Gómez Bravo added that the buyback “reflects the bank’s solid capital position and disciplined approach to capital allocation.”
Investors have responded positively to the announcement, underscoring confidence in BBVA’s capital strength and its ability to generate shareholder value. The buyback will reduce the number of outstanding shares, supporting earnings per share and signaling management’s confidence in the bank’s future earnings trajectory.
The €3.96 billion program will lower BBVA’s CET1 ratio but keep it comfortably above regulatory targets, preserving flexibility for future capital needs. The move also demonstrates BBVA’s willingness to use excess capital to enhance shareholder value, potentially influencing future capital‑allocation decisions and reinforcing the bank’s long‑term strategic focus.
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