HSBC Announces Planned $1 Billion Share Buyback

Photo: Reuters

London-listed global lender HSBC launched its planned $1 billion share buyback on Wednesday as it seeks to redeploy excess capital and reward shareholders.

HSBC has appointed Merrill Lynch International to conduct the process. This could see as many as two billion HSBC ordinary shares canceled in a decision that should boost average earnings per share.

Merrill Lynch said it will make trading decisions related to the buyback independent of HSBC and purchase shares “on exchange.”

The process is due to end on August 31.

HSBC said last month that it would postpone plans for a 2022 buyback program after reporting a larger than expected hit to capital reserves driven by rising inflation and geopolitical tension.

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Bryan Smith

Bryan Smith has lived all his life in San Francisco and is currently a Senior Reporter. He has outstanding journalistic background. For the past 10 years, he has been breaking news stories and creating engaging content. He has been a leader in setting San Francisco's news agenda and reporting on the state for national audiences.

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