ANZ Bank Increases On-Market Buyback as Surplus Capital Builds. No Change to AUD 30 FVE
As expected, wide-moat Australia and New Zealand Banking Group has increased the on-market buyback program to AUD 3 billion from AUD 1.5 billion to reduce the mounting capital surplus. The previously announced AUD 1.5 billion buyback started in January 2018 and to date AUD 1.4 billion has been spent. There is no change to our fiscal 2018 cash earnings forecast of AUD 6.83 billion and fully franked dividend of AUD 1.60 per share. The sale of businesses and share buyback are incorporated in our un...Australia and New Zealand Banking Group provides a range of banking and financial products and services to retail, small business, corporate and institutional clients. Co. operates on a divisional structure with six divisions: Australia, Institutional, New Zealand, Wealth Australia, Asia Retail & Pacific and Technology Services & Operations and Group Centre. Co.'s core products offered include deposits, credit cards, loans, investments and insurance, retail products provided to consumers, and banking and financial solutions provided to business customers through managers, among others. As of Sept 30 2015, Co. had total assets of A$914,869,000,000 and total deposits of A$566,847,000,000.
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