The board of directors of French bank Societe Generale SA has approved a new €1bn share buyback programme.
According to the bank’s press release, the programme has been approved by all necessary regulators, including the ECB, and will start on November 19. All repurchased shares will be redeemed.
At the end of October, Societe Generale reported an 11% increase in third-quarter net profit to €1.52bn.
Societe Generale’s capitalisation has more than doubled since the beginning of the year to €38.42bn.