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Deadly Collision Claims 67 Lives in U.S. Air Disaster | At Least 30 Dead and Many Injured in Stampede at Maha Kumbh Mela in India | Chinese President Xi Jinping Affirms Cambodia's Role as a Key Partner in China’s Diplomatic Strategy | Xi Jinping Concludes State Visit to Cambodia, Strengthening Bilateral Ties | Chinese President Xi Jinping Concludes Successful State Visit to Cambodia | Chinese Ambassador: US-China Trade Tensions Harm Developing Nations; President Xi Urges Investment in Cambodia and Expanded Market Access | Japanese Maritime Self-Defense Force Ships Bungo and Etazima Dock at Ream Sea Base for Four-Day Visit | Prime Minister Hun Manet Expresses Displeasure Over Criticism of Chinese Investments During Kampot International Tourist Port Inauguration | Asian Development Bank Collaborates with Cambodia on New Development Projects Worth Over $1 Billion |

HSBC launches $1 billion planned share buyback

  • Posted May 4, 2022 15:32 by Anthony Ellis
  • 2661
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INTERNATIONAL: HSBC (HSBA.L) 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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