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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.

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“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
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Sarah Simpkins

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

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

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

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