- HSBC Holdings plc (NYSE:HSBC) has launched its planned $1 billion share buyback Wednesday as it seeks to redeploy excess capital and reward shareholders.
- The bank has appointed Merrill Lynch International to conduct the process, which could see as many as 2 billion HSBC common shares canceled in a move that should boost average EPS.
- Merrill Lynch will make trading decisions concerning the buyback independently of HSBC and purchase shares 'on exchange,' the bank said.
- The process is due to end on August 31.
- Late last month, HSBC said making further buybacks in 2022 is unlikely at this stage.
- Price Action: HSBC shares are up 1.15% at $32.55 during the premarket session on the last check Wednesday.
- Photo via Wikimedia Commons
