By Pierre Bertrand

UniCredit boss Andrea Orcel said the Italian bank will move on with the launch of the new tranche of its share buyback as soon as it gets European Central Bank approval.

Shareholders will vote Friday on whether to allow the bank to move forward with buying back up to 2.5 billion euros ($2.67 billion) of shares.

Assuming shareholders approve the measure, the remaining hurdle would be the green light from the ECB, Orcel said during a post-earnings analyst call.

Write to Pierre Bertrand at pierre.bertrand@wsj.com

(END) Dow Jones Newswires

October 24, 2023 06:31 ET (10:31 GMT)

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