June 22, 2018 / 12:33 AM / a year ago

UPDATE 1-Australia's ANZ doubles buyback programme to about $2.2 bln

(Adds quote, background, share performance)

June 22 (Reuters) - Australia and New Zealand Banking Group Ltd said on Friday it would increase its current on-market share buyback programme by a further A$1.5 billion to a total of A$3 billion ($2.2 billion).

ANZ said last month it would increase the programme once it finalised reinsurance arrangements with Zurich Insurance Group , receiving about A$1 billion as proceeds.

Australia’s biggest banks are selling non-core assets as they face regulatory pressure to boost capital. They are also seeking to get back to basics after a series of governance scandals.

“The progress of our transformation means we are able to return this surplus capital to shareholders,” Chief Financial Officer Michelle Jablko said in a statement.

ANZ’s Australia-listed shares rose 0.8 percent while the broader market was slightly lower on Friday. ($1 = 1.3552 Australian dollars) (Reporting by Rushil Dutta in Bengaluru; Editing by Stephen Coates)

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