Lloyds kicks off £1.7bn share buyback

(Sharecast News) - Lloyds Banking Group kicked off a share buyback programme worth up to £1.7bn on Friday, following its announcement on 20 February. The FTSE 100 bank said the programme was intended to reduce the company's ordinary share capital, and would run until no later than 31 December.

Morgan Stanley had been appointed to execute the buyback on behalf of Lloyds, with trading decisions made independently of the bank.

Under the terms of the programme, the broker would acquire shares as principal before selling them to Lloyds, which would subsequently cancel them.

The board said the buyback would be conducted in line with the authority granted by shareholders at the bank's annual general meeting in May 2024, as well as regulatory requirements and the Financial Conduct Authority's Listing Rules.

Lloyds confirmed that no repurchases would take place in the United States or involve its American Depositary Receipts.

Reporting by Josh White for Sharecast.com.