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HSBC details latest $2B share buyback

HSBC Holdings Plc said its latest share buyback program for a maximum consideration of $2 billion will commence Aug. 1 and end no later than Dec. 31.

The bank entered into an irrevocable, nondiscretionary agreement with Credit Suisse Securities (Europe) Ltd., under which the Credit Suisse Group AG unit will purchase ordinary shares and sell them to HSBC.

The maximum number of ordinary shares that may be repurchased under the new buyback program is 1,986,691,641. Any purchases will be carried out on the London Stock Exchange in accordance with certain pre-set parameters and in accordance with — and subject to limits prescribed by — HSBC's general authority to repurchase ordinary shares granted by shareholders at the April 28 annual general meeting.

HSBC said the latest buyback will take the group's announced repurchases since the second half of 2016 to $5.5 billion.