The Australia and New Zealand Banking Group Limited (ANZ) has announced on Friday (March 22) that it has completed its $3 billion on-market share buy-back with 108.7 million ordinary shares purchased under the program that commenced in January 2018. This equates to approximately a 3.7% reduction in ordinary shares on issue.
ANZ Chief Financial Officer Michelle Jablko commented on the news:
Capital efficiency and a strong balance sheet have been key areas of focus in recent years. Since 2016 we have built the Group’s CET1 from 9.4% to 11.3% and have been the only major bank to reduce shares on issue.
Once the funds are received from the Life Insurance sale, any further capital management will take into account several factors including actual and potential regulatory capital requirements as well as ongoing business needs,” Ms Jablko added.
The company has recently launched a smartphone ATM access in Australia, making it easier for their customers to withdraw cash from ANZ ATMs using their preferred mobile payments device instead of plastic cards across the bank’s entire range of mobile payments: Apple Pay, Samsung Pay, Google Pay, Gamin Pay and Fitbit Pay.