By Pierre Bertrand

Shares of Unicredit rose Wednesday after the Italian bank said it intends to buy back 2.5 billion euro ($2.67 billion) worth of its shares as part of its 2023 buyback program.

At 0904 GMT shares traded 3.9% higher to EUR22.93.

The start of the buyback is dependent on shareholder approval and an extraordinary meeting will take place on Oct. 27 to go over the plan, it said. The bank added it will also require supervisory approval.

Its total distribution target is set at a minimum of EUR6.5 billion for the year, compared with EUR5.25 billion in 2022, corresponding to a total yield of more than 16%, it said.

Write to Pierre Bertrand at pierre.bertrand@wsj.com

(END) Dow Jones Newswires

September 20, 2023 05:30 ET (09:30 GMT)

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