By Cristina Roca 
 

Banco Bilbao Vizcaya Argentaria SA plans to distribute more than 7 billion euros ($7.99 billion) to shareholders for 2021 and 2022, the company's chief executive said Monday.

The Spanish bank plans to distribute the amount, equivalent to about 20% of its market capitalization, via a EUR3.5 billion buyback initiated last year and dividends for the two years, Chief Executive Carlos Torres Vila said.

The company has set a payout policy of about 40%-50% of its consolidated ordinary profit.

Following the share buyback and assuming BBVA's offer for the shares it doesn't already own in Turkiye Garanti Bankasi AS is fully accepted, the company will still have more than EUR2 billion in excess capital, Mr. Torres Vila said.

 

Write to Cristina Roca at cristina.roca@wsj.com

 

(END) Dow Jones Newswires

January 17, 2022 03:45 ET (08:45 GMT)

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