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Benzinga
Benzinga
Business
Vandana Singh

HSBC Kick Starts Its $1B Planned Share Buyback: Reuters

HSBC Merrill Lynch HSBC Holdings Plc NYSE Wikimedia Commons
  • HSBC Holdings plc (NYSE:HSBC) has launched its planned $1 billion share buyback Wednesday as it seeks to redeploy excess capital and reward shareholders.
  • The bank has appointed Merrill Lynch International to conduct the process, which could see as many as 2 billion HSBC common shares canceled in a move that should boost average EPS.
  • Merrill Lynch will make trading decisions concerning the buyback independently of HSBC and purchase shares 'on exchange,' the bank said.
  • The process is due to end on August 31.
  • Late last month, HSBC said making further buybacks in 2022 is unlikely at this stage.
  • Price Action: HSBC shares are up 1.15% at $32.55 during the premarket session on the last check Wednesday.
  • Photo via Wikimedia Commons
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