Australia Banks Shower Investors in Buybacks Amid Mortgage Fight [Yahoo! Finance Canada]
NATL AUSTRALIA BK S/ADR (NABZY)
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Source: Yahoo! Finance Canada
(Bloomberg) -- Australia's biggest banks plan to return more than A$5 billion ($3.3 billion) to shareholders just as fierce rivalry in the mortgage market shows few signs of easing. Most Read from Bloomberg “It's a bit of a sweet spot at the moment with benign growth and being over-provided with tier-one capital they can hand back,” said Matt Haupt, a portfolio manager at Wilson Asset Management International Pty Ltd. in Sydney. ADVERTISEMENT Over the past week, ANZ Group Holdings Ltd. announced a A$2 billion buyback, topping domestic lending peer Westpac Banking Corp., which opted for a A$1 billion stock-purchase program alongside a A$500 million special dividend. National Australia Bank Ltd. plans a A$1.5 billion buyback, while Macquarie Group Ltd. continues its A$2 billion share-buying plan that it announced in November. The moves on capital reflect an emerging consensus from the lenders about the surest way to satisfy shareholders at a time when all their earnings have
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