Barclays starts share buyback of up to £700m

Barclays announced the start of share buyback programme on Friday, to purchase up to a maximum of £700m of shares.

The FTSE 100 banking group said the buyback would end no later than 4 August, adding that the purpose was to reduce its share capital , meaning shares repurchased would be cancelled.

“No repurchases will be made in the United States or in respect of the company's American Depositary Receipts,” the board said in its statement.

“The maximum number of ordinary shares that may be repurchased under the buyback is 1,733,216,055, being the number of Ordinary Shares the company is authorised to repurchase under its 2020 authority.”

At 0853 GMT, shares in Barclays were down 1.15% at 181.74p.