Asia-focused Standard Chartered is planning its first share buyback in 20 years after a multiyear restructuring effort
Standard Chartered PLC is planning its first share buyback in two decades, in a signal of its return to health after a multiyear restructuring and the settlement of a sanctions probe.
The Asia-focused lender said it would start a $1 billion buyback program “imminently.” The purchase plan reflects “confidence in our ability to execute the strategy and create long-term shareholder value,” Chief Executive Bill Winters said. Its last share buyback was in 2002 when it repurchased preference shares.
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