ANZ Bank Starts On-Market Buyback as Surplus Capital Mounts. No change to AUD 30 FVE
As expected, wide-moat Australia and New Zealand Banking Group announced an on-market buyback to reduce a mounting capital surplus. The timing is a little earlier than expected and the AUD 1.5 billion buyback will be the first of future buybacks as asset sales complete during the next year or so. We were expecting the first buyback transaction to start around early May 2018. Our major Bank Capital Report published Dec. 1, 2017 and our report covering ANZ Bank’s sale of its life business to Zuric...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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