Lloyds Banking Launches Share Buyback Program Of Up To GBP 1 Bln - Quick Facts

(RTTNews) - Lloyds Banking Group plc (LLOY.L, LYG) said it is launching a share buyback program on Thursday to repurchase up to 1 billion pounds of ordinary shares, as previously announced on 21 February 2018.

Lloyds has entered into an agreement with UBS AG, London Branch to conduct the share buyback program on its behalf and to make trading decisions under the program independently of the company.

Under the terms of the program, the maximum consideration is 1 billion pounds. The program will commence on 8 March 2018 and will end no later than 4 February 2019. Lloyds noted that the sole purpose of the program is to reduce the company's ordinary share capital.

UBS will purchase Lloyds' ordinary shares as principal and sell them on to the company in accordance with the terms of their engagement. Lloyds intends to cancel the shares it purchases through the program.