(31 January 2007 – Australia) National Australia Bank has announced a A$700 million increase to its current A$500 million share buyback.NAB chairman Michael Chaney said the bank was committed to the efficient use of capital and would consider further capital management activities when appropriate.
He said this latest buyback announcement took the amount of recent capital management initiatives to about A$1.5 billion.
“This includes about A$300 million related to the decision to neutralise the impact of shares issued under the dividend reinvestment plan and various employee share plans,” Chaney said.