Dutch banking group ABN Amro has announced that it has begun the buyback of its own shares. Shares to a total amount of E600 million will be bought back by June 30, 2006.
Shares issued in conjunction with the interim dividend 2006 will be repurchased by December 31, 2006, in order to neutralize the dilutive effect of the stock dividend, ABN Amro says.
Shares issued as a result of the exercise of staff options in 2006 will be repurchased by December 31, 2006. The total amount of shares to be repurchased will not exceed 10% of ABN Amro’s issued capital, the firm said in a statement.
In addition ABN Amro said that a successful execution of its management priorities in 2006 will create room for additional share-buybacks in the second half of 2006.