ANZ (ASX:ANZ) has appointed Merrill Lynch to execute its on-market share purchase for the bank’s Dividend Reinvestment Plan.
Shares up to a value of approximately $192 million are expected to be purchased on-market to satisfy its obligations under the plan.
The pricing period for the plan, which will see the on-market purchase of shares, starts today and will finish on 30 November 2017.
The bank said it intends to neutralise the impact of shares provided under the plan in relation to its 2017 final dividend.
The bank assured that participants in the plan do not need to take action in order to receive shares.
Shares in ANZ (ASX:ANZ) are trading 0.32 per cent higher to $29.39.