Citizens Financial Group (NYSE:CFG) is ready to carry out a $1.25 billion share buyback program after the bank reported a capital buffer exceeding the regulatory minimum.

The recent share buyback program represents an boost of $656 million over the February 2023 authorization.

The the regional bank’s initial capital buffer requirement is 4.5% and is effective from October 1.

The regulatory minimum CET1 CFG is 9.0% and the second quarter CET1 is expected to be ~160 basis points above the assumed regulatory minimum.

“We will continue to operate within our CET1 target range of 10.0-10.5%,” said Chief Financial Officer John Woods.

The company said the share repurchases may be conducted on the open market or in privately negotiated transactions.