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Standard Life Aberdeen moves ahead on share buyback plan

Standard Life Aberdeen is moving ahead with its share buyback programme, as it continues to spend millions on returning funds to shareholders in the company.

In a stock exchange notice published this morning, Standard Life says it has purchased another 1,400,267 shares at an average of 300p.

Recods show last week, it purchased another 1.5 million shares at an average of 320p.

It intends to cancel the shares in both cases.

The move is part of a £1.75bn plan to return money to shareholders. The plans were bought forward earlier this year, starting in August, just before Phoenix completed the purchase of Standard Life’s insurance business.

The latest on how the mega-merger of Standard Life and Aberdeen has played out

Lower capital requirements from not holding onto legacy life books would enable it to return funds to shareholders, Standard Life Aberdeen said.

The first £175m tranche of the buyback programme would run from 9 August and finish no later than 21 November, according to the firm.

Since the merger, the combined firm has suffered from outflows. After Lloyds cancelled a mandate run for Scottish Widows by Aberdeen because it believed the addition of Standard Life would turn the new firm into a competitor earlier this year, we are still to see what happens to the £109bn deal.

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