BPOP - Popular enters into $400M accelerated share repurchase agreement

Popular (NASDAQ:BPOP) has entered into an accelerated share repurchase agreement to buyback $400M of its common stock. Pursuant to the agreement, Popular will make an initial payment of $400M on Mar. 02, 2022 to receive an initial delivery of 3,483,942 shares of its common stock. As a result, it will recognize in shareholders' equity ~$320M in treasury stock and $80M as a reduction of capital surplus. In Jan'22, the financial institution had disclosed its plan to repurchase up to $500M of its common stock as part of its planned capital actions for 2022. The final settlement of the ASR Agreement is expected to occur no later than the Q322.

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Popular enters into $400M accelerated share repurchase agreement