Money: Australia's ANZ doubles buyback programme to about $2.2 billion

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a view of a building: FILE PHOTO - The logo of the ANZ Banking Group is displayed in the window of a newly opened branch in central Sydney, Australia © REUTERS/David Gray FILE PHOTO - The logo of the ANZ Banking Group is displayed in the window of a newly opened branch in central Sydney, Australia

Australia and New Zealand Banking Group Ltd (ANZ.AX) said on Friday it would increase its current on-market share buyback programme by a further A$1.5 billion to a total of A$3 billion ($2.2 billion).

ANZ said last month it would increase the programme once it finalised reinsurance arrangements with Zurich Insurance Group (ZURN.S), receiving about A$1 billion as proceeds.

Australia's biggest banks are selling non-core assets as they face regulatory pressure to boost capital. They are also seeking to get back to basics after a series of governance scandals.

“The progress of our transformation means we are able to return this surplus capital to shareholders," Chief Financial Officer Michelle Jablko said in a statement.

ANZ's Australia-listed shares rose 0.8 percent while the broader market was slightly lower on Friday.

ANZ says domestic economic uncertainty will put more downside pressure on the Australian dollar .
ANZ says the Aussie dollar won’t find support from the domestic economy, which leaves it at the mercy of the global risk environment.Specchia said the domestic economic picture is unfavourable for the Aussie, amid increasing global uncertainty from trade war threats and tightening liquidity.

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