Barclays To Begin £500M Share Buyback By October

By Najiyya Budaly (July 29, 2022, 3:00 PM BST) -- Britain's Barclays PLC said Friday that it will commence a £500 million ($605 million) share buyback by Oct. 3, in order to line its shareholders' pockets and reduce the bank's share capital.

London-based Barclays said that it will buy ordinary shares for 25 pence each up to a maximum consideration of £500 million. The program will start by Oct. 3 and end no later than Jan. 28, 2023, the lender said.

"The purpose of the buyback is to reduce the share capital of the company and therefore ordinary shares purchased under the buyback will be canceled," Barclays said.

Barclays said it...

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