REG - Lloyds Banking Group - Completion of £2 billion Share Buyback Programme

Lloyds BankingAnnouncement

14/11/2024 07:30

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RNS Number : 2434M  Lloyds Banking Group PLC  14 November 2024

 

 

 

14 November 2024

 

LLOYDS BANKING GROUP COMPLETES £2 BILLION SHARE BUYBACK PROGRAMME

 

Following the purchase of ordinary shares on 13 November 2024, Lloyds Banking
Group plc (the "Company") announces that the Company's share buyback programme
announced on 23 February 2024 was completed in accordance with its terms. The
programme was managed by Morgan Stanley & Co. International plc. In
aggregate between 23 February 2024 and 13 November 2024, the Company
repurchased 3,686,477,708 ordinary shares for an aggregate consideration of
£2.0bn.

 

- END -

 

For further information:

 

Investor Relations

Douglas Radcliffe
 
+44 (0)20 7356 1571

Group Investor Relations Director

douglas.radcliffe@lloydsbanking.com

 

Corporate Affairs

Matt Smith
 
+44 (0)20 7356 3522

Head of Media Relations

matt.smith@lloydsbanking.com

 

FORWARD LOOKING STATEMENTS

This document contains certain forward-looking statements within the meaning
of Section 21E of the US Securities Exchange Act of 1934, as amended, and
section 27A of the US Securities Act of 1933, as amended, with respect to the
business, strategy, plans and/or results of Lloyds Banking Group plc together
with its subsidiaries (the Group) and its current goals and expectations.
Statements that are not historical or current facts, including statements
about the Group's or its directors' and/or management's beliefs and
expectations, are forward-looking statements. Words such as, without
limitation, 'believes', 'achieves', 'anticipates', 'estimates', 'expects',
'targets', 'should', 'intends', 'aims', 'projects', 'plans', 'potential',
'will', 'would', 'could', 'considered', 'likely', 'may', 'seek', 'estimate',
'probability', 'goal', 'objective', 'deliver', 'endeavour', 'prospects',
'optimistic' and similar expressions or variations on these expressions are
intended to identify forward-looking statements. These statements concern or
may affect future matters, including but not limited to: projections or
expectations of the Group's future financial position, including profit
attributable to shareholders, provisions, economic profit, dividends, capital
structure, portfolios, net interest margin, capital ratios, liquidity,
risk-weighted assets (RWAs), expenditures or any other financial items or
ratios; litigation, regulatory and governmental investigations; the Group's
future financial performance; the level and extent of future impairments and
write-downs; the Group's ESG targets and/or commitments; statements of plans,
objectives or goals of the Group or its management and other statements that
are not historical fact and statements of assumptions underlying such
statements. By their nature, forward-looking statements involve risk and
uncertainty because they relate to events and depend upon circumstances that
will or may occur in the future. There are inherent risks and uncertainties
associated with achieving future emissions targets and implementing net-zero
transition strategies and plans in a complex, interdependent, and continually
evolving global landscape. The Group therefore reserves the right to adjust,
amend, or adapt its metrics and targets in response to unforeseen
circumstances or changes in external factors and dependencies which impact the
feasibility of achieving the stated targets.

Factors that could cause actual business, strategy, targets, plans and/or
results (including but not limited to the payment of dividends) to differ
materially from forward-looking statements include, but are not limited to:
general economic and business conditions in the UK and internationally; acts
of hostility or terrorism and responses to those acts, or other such events;
geopolitical unpredictability; the war between Russia and Ukraine; the
conflicts in the Middle East; the tensions between China and Taiwan; political
instability including as a result of any UK general election; market related
risks, trends and developments; changes in client and consumer behaviour and
demand; exposure to counterparty risk; the ability to access sufficient
sources of capital, liquidity and funding when required; changes to the
Group's credit ratings; fluctuations in interest rates, inflation, exchange
rates, stock markets and currencies; volatility in credit markets; volatility
in the price of the Group's securities; tightening of monetary policy in
jurisdictions in which the Group operates; natural pandemic and other
disasters; risks concerning borrower and counterparty credit quality; risks
affecting insurance business and defined benefit pension schemes; changes in
laws, regulations, practices and accounting standards or taxation; changes to
regulatory capital or liquidity requirements and similar contingencies; the
policies and actions of governmental or regulatory authorities or courts
together with any resulting impact on the future structure of the Group; risks
associated with the Group's compliance with a wide range of laws and
regulations; assessment related to resolution planning requirements; risks
related to regulatory actions which may be taken in the event of a bank or
Group failure; exposure to legal, regulatory or competition proceedings,
investigations or complaints; failure to comply with anti-money laundering,
counter terrorist financing, anti-bribery and sanctions regulations; failure
to prevent or detect any illegal or improper activities; operational risks
including risks as a result of the failure of third party suppliers; conduct
risk; technological changes and risks to the security of IT and operational
infrastructure, systems, data and information resulting from increased threat
of cyber and other attacks; technological failure; inadequate or failed
internal or external processes or systems; risks relating to ESG matters, such
as climate change (and achieving climate change ambitions) and
decarbonisation, including the Group's ability along with the government and
other stakeholders to measure, manage and mitigate the impacts of climate
change effectively, and human rights issues; the impact of competitive
conditions; failure to attract, retain and develop high calibre talent; the
ability to achieve strategic objectives; the ability to derive cost savings
and other benefits including, but without limitation, as a result of any
acquisitions, disposals and other strategic transactions; inability to capture
accurately the expected value from acquisitions; assumptions and estimates
that form the basis of the Group's financial statements; and potential changes
in dividend policy. A number of these influences and factors are beyond the
Group's control. Please refer to the latest Annual Report on Form 20-F filed
by Lloyds Banking Group plc with the US Securities and Exchange Commission
(the SEC), which is available on the SEC's website at www.sec.gov, for a
discussion of certain factors and risks. Lloyds Banking Group plc may also
make or disclose written and/or oral forward-looking statements in other
written materials and in oral statements made by the directors, officers or
employees of Lloyds Banking Group plc to third parties, including financial
analysts. Except as required by any applicable law or regulation, the
forward-looking statements contained in this document are made as of today's
date, and the Group expressly disclaims any obligation or undertaking to
release publicly any updates or revisions to any forward-looking statements
contained in this document whether as a result of new information, future
events or otherwise. The information, statements and opinions contained in
this document do not constitute a public offer under any applicable law or an
offer to sell any securities or financial instruments or any advice or
recommendation with respect to such securities or financial instruments.

 

Morgan Stanley & Co. International plc is acting on behalf of the Group in
relation to the programme and no-one else and will not be responsible to
anyone other than the Group for providing the protections offered to clients
of Morgan Stanley & Co. International plc nor for providing advice in
relation to such programme.

 

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