NAB to launch $2.5b share buyback
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The National Australia Bank has unveiled a share buyback worth up to $2.5 billion, making it the second major bank to return surplus capital to investors while continuing to support customers through the pandemic with loan deferrals.
NAB told the ASX on Friday morning it planned to buy shares back on the open market starting in mid to late-August, following ANZ’s $1.5 billion share buyback announced last week.
The buyback comes just 16 months after Ross McEwan announced a $3.5 billion capital raising.
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Mitchell Lawler is a site writer at The Motley Fool Australia. He holds a Bachelor of Engineering and previously worked in the consulting space while his interest in equities grew. Mitchell is now completing his studies in finance and wealth management and hopes to help others in their investing journey.
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Investors of ASX-listed bank shares have enjoyed the spoils of a rebounding economy. Yet, the best may still be to come as the big four Aussie banks deliberate over how to return an estimated $34 billion of excess capital to shareholders.