Barclays PLC said Friday that it has launched a share buyback program to purchase shares of 25 pence (34.8 U.S. cents) each for up to 700 million ($975 million) pounds.
The FTSE-100 listed bank said the buyback program will end no later than Aug. 4.
“The purpose of the buyback is to reduce the share capital of the company and therefore ordinary shares purchased under the buy-back will be cancelled,” the lender said.