HSBC HOLDINGS(HSBC) - 2023 Q4 - Annual Report

HSBC Holdings plc Share Buy-Back Program Overview HSBC Holdings plc announced the commencement of a share buy-back program for its ordinary shares, with a maximum consideration of US$2 billion, primarily aimed at reducing the total number of outstanding ordinary shares | Item | Detail | | :--- | :--- | | Purpose | To reduce HSBC's outstanding Ordinary Shares | | Maximum Consideration | US$2 billion | | Share Type | Ordinary shares of US$0.50 each | Execution Details HSBC has entered into an irrevocable, non-discretionary agreement with Merrill Lynch International to execute the buy-back, with purchases scheduled from February 23, 2024, to no later than April 26, 2024, across stock exchanges in the UK and Hong Kong - HSBC has engaged Merrill Lynch International through an irrevocable, non-discretionary agreement to conduct the share purchases[4] - The buy-back period runs from February 23, 2024, and will end no later than April 26, 2024[4] - Share purchases will be executed on the London Stock Exchange, Cboe Europe (BXE and CXE order books), Turquoise, and The Stock Exchange of Hong Kong Limited[5] Regulatory Compliance and Shareholder Authority The share buy-back program operates under the authority granted by shareholders at the Annual General Meeting on May 5, 2023, adhering to all relevant UK, Hong Kong, and US federal securities laws and regulations, with all repurchased shares to be cancelled - The program is conducted under the general authority granted by shareholders at the annual general meeting on May 5, 2023[7] - All Ordinary Shares purchased under the buy-back will be cancelled[8] - The maximum number of shares that can be repurchased is 1,092,358,231, based on the 2023 shareholder authority[8] Company Profile HSBC Holdings plc, headquartered in London, is one of the world's largest banking and financial services organizations, reporting total assets of US$3,039 billion as of December 31, 2023, and operating in 62 countries and territories worldwide | Metric | Value | | :--- | :--- | | Total Assets (as of 31 Dec 2023) | US$3,039 billion | | Global Presence | 62 countries and territories |