DNB ASA completed its latest share buyback program disclosed Feb. 1, repurchasing a total of 5.4 million shares in the open market at a weighted average price of 155.68 Norwegian kroner per share.
DNB noted that 2.7 million shares held by the Norwegian government will be redeemed, subject to the lender's annual general meeting in 2018, to prevent dilution of the state's 34% ownership in the bank. The Norwegian lender added that it will cancel the repurchased shares, subject to AGM approval.
Including the 16,287,982 shares bought back in programs in the second half of 2017, DNB's total share count will fall by 1.5% from the current 1,628,798,861, the bank said.
As of Feb. 20, US$1 was equivalent to 7.84 Norwegian kroner.