BPER CEO says no share buybacks in next 3 years, focused on organic growth
MILAN, Oct 10 (Reuters) -BPER EMII.MI will not buy back its own shares over the next three years but use only dividends to reward investors, its chief executive said, as the Italian bank on Thursday hiked its payout ratio to 75% under a new multi-year strategy.
CEO Gianni Franco Papa told a press conference that though he considered the bank's shares to still be undervalued, the strategic plan through 2027 did not envisage any share buybacks.
Papa also said the plan was centred around a stand-alone strategy, indicating any mergers and acquisitions were unlikely.
BPER has grown rapidly in recent years through acquisitions backed by its top shareholder Unipol UNPI.MI, Italy's second-largest insurer.
Reporting by Andrea Mandalà, writing by Valentina Za, editing by Gianluca Semeraro
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