HSBC: Merrill Lynch plans to repurchase up to $3 billion of its own shares and to sell some to HSBC at the same time

HSBC (00005) announced that it has entered into a number of non-cancellable non-exclusive repurchase agreements with Merrill Lynch International (Merrill Lynch), under which Merrill Lynch (as the agent) may purchase up to $3 billion of ordinary shares (subject to regulatory approval) between August 2, 2024 and no later than October 25, 2024, and simultaneously sell such shares to HSBC.

Merrill Lynch will make the repurchase decision independently of HSBC. The purchase of ordinary shares will be made on the London Stock Exchange, Cboe Europe Limited (through BZX and CXEX trading accounts) and/or Turquoise (collectively referred to as the UK locations) and/or the Hong Kong Stock Exchange.

The repurchased ordinary shares will be cancelled. The maximum number of ordinary shares that may be repurchased is 1.562 billion, being the number of ordinary shares that may be repurchased under the authority, less the number of ordinary shares that have been repurchased by the Company since the date of the authority.