National Australia Bank Plans A$2.5 Billion On-Market Share Buyback
30 Luglio 2021 - 1:30AM
Dow Jones News
By Alice Uribe
SYDNEY--National Australia Bank Ltd. plans a 2.5 billion
Australian-dollar (US$1.85 billion) on-market share buyback and to
purchase shares on-market alongside its dividend reinvestment
plan.
The lender on Friday said the buyback will start in mid-to-late
August and would help move its Common Equity Tier 1 capital ratio
towards its target range of 10.75-11.25%.
"Our target CET1 range reflects a balance between retaining a
strong balance sheet through the cycle, supporting growth and
recognizing the importance of capital discipline to improve
shareholder returns," NAB Chief Executive Ross McEwan said.
"We consider the on-market buyback to be the most appropriate
mechanism to achieve our previously stated bias towards reducing
share count."
NAB had a reported CET1 capital ratio of 12.37% at Level 2 and
12.40% at Level 1 at the end of March. The buyback will reduce the
CET1 capital ratio at Level 2 by around 60 basis points, the lender
said.
The timing and number of shares purchased under the buyback will
depend on market conditions, the prevailing share price and other
considerations, NAB said.
Write to Alice Uribe at alice.uribe@wsj.com
(END) Dow Jones Newswires
July 29, 2021 19:15 ET (23:15 GMT)
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