HSBC launches $1 billion planned share buyback
Reuters
Published May 04, 2022 02:22AM ET
Updated May 04, 2022 02:41AM ET
LONDON (Reuters) -HSBC has kicked off its planned $1 billion share buyback on Wednesday, as it seeks to redeploy excess capital and reward shareholders.
The London-listed global lender has appointed Merrill Lynch International to conduct the process, which could see as many as 2 billion HSBC ordinary shares cancelled in a move that should lead to a boost in average earnings per share.
Merrill Lynch will make trading decisions in relation to the buyback independently of HSBC and will purchase shares 'on exchange', the bank said.
The process is due to end on Aug. 31.
Late last month, HSBC said it would put plans for a 2022 buyback programme on ice after reporting a larger than expected hit to capital reserves driven by rising inflation and geopolitical tension.
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Written By: Reuters
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