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Fifth Third to buy back $155M shares from Deutsche

Fifth Third Bancorp on Dec. 15 entered into a share repurchase agreement with Deutsche Bank AG 's London branch, under which Fifth Third will buy approximately $155 million of its outstanding common stock, according to a Form 8-K filed Dec. 16.

Fifth Third is repurchasing the common shares as part of its 100 million share repurchase program announced in March.

The Cincinnati-based company will pay $155 million to Deutsche Bank on Dec. 20, and expects the settlement of the transaction to occur on or before March 15, 2017.