State Street Sells Preferred Shares Amid Bid to Beef Up Buybacks.

STATE Street Corp. 062156427 STT

State Street Corp., a Boston-based lender, is offering a new series of preferred shares in an effort to raise at least $500 million. This move comes after the company's finance chief announced plans to accelerate the pace of its stock buybacks. By selling preferred shares, State Street can raise Additional Tier 1 capital, which is necessary to meet minimum capital thresholds required by US banks. This strategy allows the company to maintain an appropriate level of capital while increasing its stock buybacks. [Extracted from the article]

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