Tue, May 3, 2022
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 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.
