Commerzbank gets ECB approval to buy back up to 600 mln eur in shares

Commerzbank (CBKG.DE) said it has received approval from the European Central Bank to buy back up to 600 million euros ($656.88 million) in shares.

The German lender, in a statement late on Wednesday, said the management board would likely finalise the measure in early January.

"All prerequisites for a share buyback are now met," the bank said.

Shares rose 1.4% in early Frankfurt trade.

The bank had already flagged bigger capital returns. It said in September that it was revamping its payout policy for investors, aiming for a return of least 70% of profit for 2024.

The bank also expects a payout ratio in dividends and share buybacks of "well above 50%" for 2025 through 2027.

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