ANZ Banking Group completes $3 billion share buyback

Company News

by Katrina Bullock

The Australia and New Zealand Banking Group (ASX:ANZ) has completed its $3 billion share buyback.

108.7 million ordinary shares were purchased under the program. This equates to a reduction of approximately 3.7 per cent in ordinary shares on issue.

ANZ Chief Financial Officer, Michelle Jablko, says 'capital efficiency and a strong balance sheet have been key areas of focus in recent years. Since 2016 [they] have built the Group’s Common Equity Tier 1 capital from 9.4 per cent to 11.3 per cent and have been the only major bank to reduce shares on issue'.

The previously announced sale of the Australian Life Insurance business to Zurich remains scheduled to complete in late May.

Shares in ANZ Banking Group (ASX:ANZ) are trading 0.19 per cent lower at $26.40.