22nd Oct 2018 11:05
LONDON (Alliance News) - Lloyds Banking Group PLC is planning to buy back almost GBP2 billion in shares in 2019, the Financial Times reported Monday.
The FT reported the plans were at an "early stage" and would not be finalised until a board meeting in February.
The plan would need to be approved by a regulator and could be derailed by a hard Brexit. Lloyds also could decide to keep the capital and use it for acquisitions, the newspaper noted.
According to the FT, Lloyds hopes to be able to return about GBP4.5 billion in 2019 via a higher dividend and the share buyback.
If it goes ahead as planned, the GBP2 billion buyback in 2019 will be double the GBP1 billion conducted in the current year.
https://www.ft.com/content/1ce5bb2e-d4b9-11e8-a854-33d6f82e62f8
Lloyds will be reporting its third quarter earnings this Thursday at 0700 BST.
Shares in Lloyds were up 2.5% Monday at 57.51 pence each.
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