March 8, 2018 / 7:14 AM / 10 months ago

Lloyds Banking Group launches 1 billion pounds share buyback

A man enters a Lloyds Bank branch in central London, Britain February 25, 2016. REUTERS/Paul Hackett

LONDON (Reuters) - Lloyds Banking Group on Thursday launched a planned 1 billion pounds share buyback programme, after selecting investment bank UBS to execute the repurchases on its behalf.

The programme, designed to reduce the ordinary share capital of the British lender, will end no later than Feb. 4, 2019.

The repurchasing plan, which was earlier announced on Feb. 21, follows a return to full private ownership in 2017 after several years as a state-supported bank.

Reporting By Sinead Cruise, editing by Simon Jessop

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