FRANKFURT (Reuters) -Commerzbank said it has received approval from the European Central Bank to buy back up to 600 million euros ($656.88 million) in shares.
The German lender, in a statement late on Wednesday, said the management board would likely finalise the measure in early January.
"All prerequisites for a share buyback are now met," the bank said.
Shares rose 1.4% in early Frankfurt trade.
The bank had already flagged bigger capital returns. It said in September that it was revamping its payout policy for investors, aiming for a return of least 70% of profit for 2024.
The bank also expects a payout ratio in dividends and share buybacks of "well above 50%" for 2025 through 2027.
A buyback program in 2023 resulted in the purchase of 122 million euros in shares.
($1 = 0.9134 euros)