23rd Nov 2018 06:53
LONDON (Alliance News) - Standard Chartered PLC is planning to buy back shares for the first time years in an effort to boost its stock price and shareholder returns, the Financial Times reported Thursday, citing people familiar with the matter.
The buyback plan, which could be announced alongside full-year results at the end of February next year, is still in its infancy and is dependent upon the size of fines to settle US allegations over breach of Iran sanctions, the newspaper reported.
According to FT, the emerging markets lender has not bought back any shares since 2002, when it repurchased preference shares, and the bank has not bought back ordinary stock for at least 20 years.
https://www.ft.com/content/ab280118-eddb-11e8-89c8-d36339d835c0
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