BBVA Unveils €4 Billion Buyback After Failed Sabadell Deal

BBVA SA said it will carry out its largest share buyback ever as it seeks to draw a line under its failed bid for Banco Sabadell SA.

The lender has received authorization from the European Central Bank for a buyback program of up to €3.96 billion ($4.6 billion) that will be executed in stages and run for about 12 months, according to a statement Friday, which confirmed an earlier Bloomberg News report. The first tranche — worth €1.5 billion — will be initiated on Monday.