(Bloomberg) -- Deutsche Bank AG said it will return 700 million euros ($790 million) to investors through buybacks and dividends as it resumes capital distributions after a long hiatus.

The Frankfurt-based bank plans to repurchase 300 million euros of its own stock by the end of the first half of this year and propose a dividend of 20 euro cents per share for 2021, it said in a statement late Wednesday. 

The measures “represent the first step towards a previously announced commitment to return 5 billion euros of capital to shareholders over time,” the bank said in the statement.

Chief Executive Officer Christian Sewing had scrapped dividend payments in previous years to cover the cost of an ambitious turnaround program he unveiled in 2019, while also promising to resume payouts in 2022. The lender is scheduled to report fourth-quarter earnings on Thursday.

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