FRANKFURT (Reuters) -Germany’s Commerzbank said on Monday that it had received regulatory approval to buy back up to 600 million euros ($655 million) in shares.
The buyback comes as the lender tries to convince investors of its standalone strategy after Italy’s UniCredit bought a big stake and pressed to explore a tie-up.
“Our shareholders can rely on us,” Commerzbank’s CEO Bettina Orlopp said in a statement.
The buyback will begin after it releases earnings on Wednesday and will be completed by the middle of February, the bank said.
($1 = 0.9167 euros)
(Reporting by Tom Sims, editing by Thomas Seythal and Matthias Williams)
