Deutsche Bank AG will resume share buybacks of as much as €450 million ($500 million) this year, part of a pledge by Chief Executive Officer Christian Sewing to return capital to shareholders over several years.
The program is expected to start in August and be completed before the end of the year, the bank said in a statement.
“We are very pleased that, with the approval of our supervisor, we are able to continue on the path of distributing capital to our shareholders,” Sewing said in the statement Tuesday. “This represents an important step towards our capital distribution objectives.”
Read More: Deutsche Bank’s Sewing Signals Buyback to Be Around $500 Million
The German lender, seeking to reverse a decade of meager returns, has promised to return about €8 billion to shareholders in the coming years, with buybacks an important element in the plan. The share repurchases announced Tuesday follow a first one carried out last year worth about €300 million.
Investors had been waiting for details on the next repurchase program. Sewing indicated the amount of the buyback in an interview with Bloomberg last month and said the lender remained in talks with regulators about the necessary approval.
--With assistance from Steven Arons.
(Updates with CEO statement from third paragraph.)
