LONDON, (Reuters) –HSBC’s planned $1 billion share purchaseback was launched Wednesday. The bank is looking to make capital available for shareholders and redeploy surplus capital.

Merrill Lynch International, a global lender listed in London has been appointed by the bank to manage the transaction. This could result in as much as 2 billion HSBC ordinary share cancellations. It should boost average earnings per share.

Merrill Lynch will independently trade decisions regarding the buyback and will acquire shares ‘on exchange,’ the bank stated.

It is scheduled to conclude on August 31.

HSBC announced late last month that it will put on hold plans to buyback shares in 2022 after experiencing a greater than anticipated hit to its capital reserves due geopolitical tension and rising inflation.