Australia's NAB to start new A$2.5b share buyback
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[BENGALURU] National Australia Bank, the country's No. 2 lender, said on Thursday it will start a further on-market share buyback of up to A$2.5 billion (S$2.54 billion), following the completion of a similar repurchase.
The new buyback will reduce the bank's common equity tier 1 (CET1) capital ratio by about 58 basis points towards its target range of 10.75 per cent to 11.25 per cent over time, the company said.
Melbourne-headquartered NAB said it expects to start the buyback after its half-year results announcement on May 5.
NAB said on Thursday it has completed another US$2.5 billion on-market buyback, of 86.9 million ordinary shares of the company. REUTERS
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