ANZ Considering Buying Back Convertible Shares Issued in 2011

MELBOURNE, Australia--Australia & New Zealand Banking Group Ltd. (ANZ.AU) said it is considering making an offer to buy back convertible preference shares it issued in September 2011, although any move to do so would likely accompany the issue of new hybrid securities.

Such an offer would give holders of the bank's CPS3 hybrid the choice to reinvest in the new securities, sell the shares at their face value for cash or do nothing, ANZ said Thursday.

A buyback and issue of new shares remains subject to regulatory approvals and market conditions, and any announcement would likely come following the release of ANZ's third-quarter trading update on Aug. 15, with settlement expected before the end of September, the bank said.

Write to Robb M. Stewart at robb.stewart@wsj.com

(END) Dow Jones Newswires

July 26, 2017 20:15 ET (00:15 GMT)