Powered by MOMENTUM MEDIA
subscribe to our newsletter

ANZ to commence $1.5bn buyback

The big four bank will buy back up to $1.5 billion of shares, suggesting it can look out for both shareholders and customers through the current lockdowns.

The new buyback has launched as part of ANZ’s capital management plan, with both chair Paul O’Sullivan and chief executive Shayne Elliott insisting the bank is in a strong position to return excess capital to shareholders despite underlying COVID pressures.

“Despite the very real challenges being experienced by many of our customers, we have the financial strength to continue to support our customers, while also returning surplus capital to shareholders,” Mr O’Sullivan said.

“After reviewing options, we consider an on-market buyback to be the most prudent, fairest and flexible method to return capital in the current environment.”

Mr Elliott added the bank is “well placed” to fulfil customer needs while still actively managing capital.

Advertisement
Advertisement

PROMOTED CONTENT


“Just taking into consideration the ongoing pressures in some parts of the economy due to COVID, including the current lockdowns in parts of the country, the strength of our balance sheet and ongoing financial performance means we are in a position to return a modest amount of surplus capital to shareholders through a buyback of shares on-market,” he said.

The buyback is likely to begin in August.

[Related: Westpac NZ teams with BNPL player]

ANZ to commence $1.5bn buyback
ANZ to commence $1.5bn buyback
mortgagebusiness

Are you a new-to-industry broker in the process of growing your business? Then there’s some great news: The Adviser’s New Broker Academy is back in 2021 and will provide you with essential insights into cutting-edge tools, strategies and processes to fast-track to success. Don’t miss your chance to attend. To secure your FREE place, visit newbroker.com.au now!

Sarah Simpkins

Sarah Simpkins is the news editor across Mortgage Business and The Adviser. 

Previously, she reported on banking, financial services and wealth for InvestorDaily and ifa.

You can contact her on This email address is being protected from spambots. You need JavaScript enabled to view it..

Latest News

Revolut has recruited from 86 400 and Citi for two senior additions to its local team, including a new head of lending. ...

The RBA has stated that APRA succeeded in curtailing a drop in home lending standards by implementing macro-prudential policies between 2014...

Analysis of cash rate changes has found property price growth is less dependent on low interest rates than commonly believed, according to a...

Join Australia's most informed brokers

Do you know which lenders are providing brokers and their customers with the best service?

Use this monthly data to make informed decisions about which lenders to use. Simply contribute to the survey and we'll send you the results directly to your inbox - completely free!

How long do you think it should take to discharge a mortgage?

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.