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Citizens Financial Group (NYSE:CFG) is set to effect a $1.25B share repurchase program after the bank reported a capital buffer exceeding the regulatory minimum.
The new stock buybacks program represents an increase of $656M to the February 2023 authorization.
The regional bank’s preliminary stress capital buffer requirement stands at 4.5%, effective October 1.
CFG’s regulatory minimum CET1 ratio stands at 9.0%, and the Q2 ratio is expected to be ~160 basis points above the implied regulatory minimum.
“We will continue to operate within our targeted CET1 range of 10.0 to 10.5%,” said CFO John Woods.
The company said its stock repurchases may be executed in the open market or in privately negotiated transactions.