ANZ to increase share buy-back to $3b

Company News

by Rachael Jones

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. 

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.