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Lloyds commences share buyback programme to acquire up to £1.75bn worth of stock for cancellation

The FTSE 100-listed lender said it has appointed with Morgan Stanley and UBS as joint brokers to conduct the share buyback programme on its behalf
Lloyds Bank sign
Lloyds said the buyback would end no later than 31 December 2019

Lloyds Banking Group PLC (LON:LLOY) has commenced a previously announced share buyback program to acquire up to £1.75bn worth of stock for cancellation

In a brief statement, the FTSE 100-listed lender said the buyback would end no later than 31 December 2019.

READ: Lloyds sees 2018 profits miss forecasts after a weak fourth-quarter but still hikes dividend, launches share buyback

Lloyds said it has appointed with Morgan Stanley and UBS as joint brokers to conduct the share buyback programme on its behalf.

It added: “The sole purpose of the program is to reduce the ordinary share capital of the company.”

The bank unveiled the big share buyback program on 2 February when it reported below-forecast 2018 results but pleased investors by still hiking its dividend.

Lloyds said it will pay a total ordinary dividend for 2018 of 3.21p per share, up 5% from 2017.

With the proposed share buyback of up to £1.75bn that represented a total capital return for 2018 of up to £4.0bn, an increase of 26% from 2017’s £3.2bn figure.

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