Shayne Elliott has rounded off a big year for the bank he is shrinking to greatness with a $1.5 billion capital return to shareholders.
The timing plays out well ahead of the bank’s annual general meeting on Tuesday and means shareholders now have evidence Elliott can deliver on his commitment to return surplus cash to investors.
ANZ announced the share buyback on Monday after the proceeds from its $1.8 billion sale of a 20 per cent stake in Shanghai Rural Commercial Bank, announced in January, came through.
Elliott has hinted there will be more to come given the bank should have more than $6 billion in surplus capital following a string of asset sales over the last two years.
ANZ sold its life business to Swiss giant Zurich…
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