UniCredit cheers investors with $18 billion in planned returns

UniCredit shares jumped as much as 9.8% in Milan, trading at 12.65 euros as of 12:08 p.m.

UniCredit SpA intends to return at least 16 billion euros ($18.1 billion) to shareholders by 2024, rolling out one of Europe’s most ambitious payout plans as part of Chief Executive Officer Andrea Orcel’s first strategy revamp.
 

The Milan-based lender is seeking to distribute 100% of underlying profit in a mix of cash dividends and share buybacks on 2021 earnings, according to a statement on Thursday, effectively doubling the previous guidance. The payout ratio for this year also beats that of its main Italian rival, Intesa Sanpaolo SpA, and outstrips other major European lenders.

UniCredit shares jumped as much as 9.8% in