French credit insurer COFACE SA has launched an additional share buyback programme targeting a total amount of 15 million euros ($17 million).

In line with its approach to capital management, COFACE SA will start buying back its own shares with effect from 26 October 2018 and until 10 February 2019.

Coface will appoint an investment services provider to execute the repurchases of shares in the open market during open and closed periods.

The buyback will be conducted within the framework approved by the annual general meeting which authorized a share buyback programme capped at 10 percent of the company's share capital, and by the board of directors.