Australia and New Zealand Banking Group
(ASX:ANZ) ANZ will spend $425 million buying back some of its shares.
The bank says the move is aimed at neutralising the dilutive impact of issuing the new shares it offered investors in April as an alternative to a cash dividend.
ANZ says the buy-back will largely offset the value of the ordinary shares issued under the dividend reinvestment plan and bonus option plan for the 2013 interim ordinary dividend.
The buy-back will start no earlier than June 13.
ANZ generated a net profit of $2.9 billion in the first half of the current financial year.
