OSLO, NORWAY: DNB Bank ASA has decided to initiate a share buy-back programme comprising up to 1.0 percent of the company’s own shares, which represents a total of 14,925,301 shares.

The buy-back programme was adopted based on an authorisation given by the Annual General Meeting held on 29 April 2024. The Financial Supervisory Authority of Norway has approved the buy-back programme, on the condition that the total buy-backs do not reduce the company’s own funds by more than NOK 3,358 million.

The purpose of the buy-back programme is to optimise the company’s capital structure, by reducing the common equity tier 1 (CET1) capital ratio by approximately 0.30 percentage points.

Up to 0.66 percent of the company’s own shares, which equals 9,850,699 shares, will be bought back on trading venues, at a price of between NOK 10 and NOK 300 per share. The buy-backs will, at the latest, end on 13 September 2024.

DNB Markets will manage the buy-backs on behalf of the company, and will decide the timing of the purchases independently of the company. The shares that are purchased will be proposed cancelled at the Annual General Meeting in 2025.

The remaining 0.34 percent of the shares – up to 5,074,602 shares – will at the same Annual General Meeting be proposed redeemed from the Norwegian Government, represented by the Ministry of Trade, Industry and Fisheries (“NFD”), so that NFD’s ownership interest of 34 percent remains unchanged.

NFD’s shares will be redeemed at a price equal to the average price of the shares bought back on trading venues, with the addition of an interest compensation.

The buy-back programme will be carried out in accordance with the Market Abuse Regulation and the regulation regarding buy-back programmes and stabilization measures.

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