DBS Group Holdings is launching a share buyback programme of up to $400 million for on-market purchases of its ordinary shares.

A share buyback mandate had been approved by shareholders at an extraordinary general meeting on Apr 4 this year.

DBS intends to hold the repurchased shares as treasury shares, which may be used for various corporate purposes including employee benefit plans. It has roughly 1,516 million ordinary shares outstanding.

'Our share buyback programme enhances our ongoing capital management efforts and reaffirms our commitment to improving shareholder returns,' says Jeanette Wong, DBS' Chief Financial Officer.

'It will complement our existing policy of paying progressively rising ordinary dividends to shareholders.'

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