March 8, 2018 / 7:17 AM / 6 months ago

Lloyds Banking Group launches 1 billion pounds share buyback

LONDON (Reuters) - Lloyds Banking Group (LLOY.L) on Thursday launched a planned 1 billion pounds ($1.39 billion) share buyback program, after selecting investment bank UBS UBSG.S. to execute the repurchases on its behalf.

FILE PHOTO - A sign is seen outside a branch of Lloyds Bank in central London February 3, 2014. REUTERS/Luke MacGregor/File Photo

The program, 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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