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By 0845 GMT, shares in Intesa were up 3.2%, among the top gainers in Italy’s blue-chip basket.
Kepler Cheuvreux said the ECB’s green light on the buyback’s full amount was positive because it meant the ECB considered a 100 basis point hit on the bank’s capital ratios “manageable”.
Intesa said on Friday it would immediately carry out half of the proposed share buyback and take a decision on the remaining 1.7 billion euros by the time it publishes full-year results in February 2023.
The bank has until May 2023 to complete the share purchase.
($1 = 0.9461 euros)
