Lloyds Banking Commences £1.75 Bln Share Buy-back Program - Quick Facts

(RTTNews) - Lloyds Banking Group plc (LLOY.L, LYG) announced Friday that it is beginning previously announced share buy-back programme to repurchase up to 1.75 billion pounds of ordinary shares.

The programme will commence on March 1 and will end no later than December 31, 2019. The sole purpose of the programme is to reduce the ordinary share capital of the Company.

The company has entered into agreements with Morgan Stanley & Co. International plc and UBS AG, London Branch to conduct the share buyback programme on its behalf and to make trading decisions under the programme independently of the Company.

The Joint Brokers will purchase the Company's ordinary shares as principal and sell them on to the Company in accordance with the terms of their engagement.

The Company intends to cancel the shares it purchases through the programme.