HSBC Kick Starts Its $1B Planned Share Buyback: Reuters

HSBC Holdings plc HSBC has launched its planned $1 billion share buyback Wednesday as it seeks to redeploy excess capital and reward shareholders.
The bank has appointed Merrill Lynch International to conduct the process, which could see as many as 2 billion HSBC common shares canceled in a move that should boost average EPS.
Merrill Lynch will make trading decisions concerning the buyback independently of HSBC and purchase shares 'on exchange,' the bank said.
The process is due to end on August 31.
Late last month, HSBC said making further buybacks in 2022 is unlikely at this stage.
Price Action: HSBC shares are up 1.15% at $32.55 during the premarket session on the last check Wednesday.
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