HSBC launches $1B planned share buyback

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HSBC has kicked off its planned $1 billion share buyback on Wednesday, as it seeks to redeploy excess capital and reward shareholders.

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The London-listed global lender has appointed Merrill Lynch International to conduct the process, which could see as many as 2 billion HSBC ordinary shares canceled in a move that should lead to a boost in average earnings per share.

FILE PHOTO – The HSBC bank logo is seen at their offices in the Canary Wharf financial district in London, Britain, March 3, 2016. REUTERS/Reinhard Krause/File Photo

Merrill Lynch will make trading decisions in relation to the buyback independently of HSBC and will purchase shares 'on exchange', the bank said.

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The process is due to end on Aug. 31.

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Late last month, HSBC said it would put plans for a 2022 buyback program on ice after reporting a larger than expected hit to capital reserves driven by rising inflation and geopolitical tension.

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