(Adds details on OnePath sale, capital management programme)
May 8 (Reuters) - Australia and New Zealand Banking Group (ANZ) flagged on Tuesday the likelihood of an additional buy-back of shares to the tune of A$1 billion-A$1.5 billion ($751.2 million-$1.1 billion), over and above an ongoing programme and as a part of a broader capital management drive.
ANZ also said in a statement it finalised reinsurance arrangements with Zurich Insurance Group - to which ANZ sold its insurance arm in December - and had received about A$1 billion as proceeds.
That would result in an increase of about 25 basis points in its Common Equity Tier 1 capital, ANZ added.
ANZ said the proceeds were a component of the OnePath insurance business sale transactions in the form of reinsurance commission. The A$2.85 billion sale followed a series of non-core divestments across Asia.
Soon after the OnePath sale last year, ANZ had said it would start buying back up to A$1.5 billion of it shares on-market, to begin returning surplus capital.
Back then, it had also said it would consider further capital management initiatives as it received proceeds of its divestments.
$1 = 1.3312 Australian dollars Reporting by Rushil Dutta in Bengaluru Editing by Chris Reese and Stephen Coates