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IN BRIEF: HSBC picks Goldman Sachs to run GBP1 billion share buyback

Provided by Alliance News

HSBC Holdings PLC - London-based, Asia-focused bank - HSBC on Thursday starts the GBP1 billion share buyback it had announced with its third-quarter results on Tuesday. The buyback will be run by investment bank Goldman Sachs International, part of Goldman Sachs Group Inc, and completed by February 19 next year. The purchases will be made in both London and Hong Kong, and all the repurchased shares will be cancelled to reduce the number of outstanding shares, HSBC says.

On Tuesday, HSBC said pretax profit jumped 32% to USD9.63 billion in the three months ended September 30 from USD7.30 billion in the same quarter a year earlier. This was just short of USD9.70 billion market consensus. In addition to the share buyback, the bank declared a cash dividend of USD0.10 per share for the third quarter.

Current stock price: 1,302.00 pence for GBP222.73 billion market capitalisation.

12-month change: up 21%

By Tom Waite, Alliance News editor

Comments and questions to newsroom@alliancenews.com

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