HSBC Completes $2.5 Billion Buyback That Drove Share Price GainsBy
HSBC Holdings Plc said it completed a $2.5 billion share buyback that began in early August and helped to drive the lender’s stock price higher.
The U.K. bank bought 325.3 million shares at an average price of 605.67 pence apiece, HSBC said in a filing to London’s stock exchange on Monday.
The lender’s stock has climbed 36 percent in London trading since Aug. 2, the day before the buyback was announced, compared with a 13 percent gain for Standard Chartered Plc, another British bank that gets most of its revenue from Asia.
HSBC Chief Executive Officer Stuart Gulliver indicated last month that more buybacks could be possible “over the medium term,” after a U.K. regulator altered its treatment of the lender’s stake in China’s Bank of Communications Co., a decision that freed up more capital.