ANZ
(ASX:ANZ) is to increase its current on-market share buy-back by $1.5 billion to $3 billion.
This follows an announcement on 8 May this year that ANZ had received around $1 billion of reinsurance proceeds as part of the first tranche of the sale of its Australian Life Insurance Business and was considering capital management options.
ANZ Chief Financial Officer Michelle Jablko says it means they are able to return this surplus capital to shareholders while retaining appropriate flexibility to invest in the business and maintain strong capital levels.
Shares in ANZ
(ASX:ANZ) are up 1.89 per cent to $28.38.
