OSLO, NORWAY: DNB Bank ASA, Norway’s largest financial services group, announced on Monday that it will buy back up to 1.5 percent of its own shares, or 23.1 million shares, to optimise its capital structure and reduce its CET1 capital ratio by 0.5 percentage points.

The buy-back programme, which has been approved by the Financial Supervisory Authority of Norway, will be carried out on trading venues at a price of between NOK 10 and NOK 300 per share, and will end by 18 October 2023.

The company will also propose to cancel the purchased shares and redeem some shares from the Norwegian Government at the Annual General Meeting in 2024, to maintain the government’s ownership interest of 34 percent.

DNB Bank shall buy back up to 0.5 percent of company’s own shares