December 6, 2016 / 9:47 PM / a year ago

Mastercard to buy back shares worth $4 billion

(Reuters) - Payment processor Mastercard Inc MA.N said on Tuesday it would buy back class A shares worth $4 billion and raised its quarterly dividend.

MasterCard credit card is seen in this picture illustration taken in Bordeaux, Southwestern France, August 22, 2016. REUTERS/Regis Duvignau - RTX2N75G

The new share repurchase program will be effective at the completion of the company’s previously announced $4 billion share repurchase program, under which it has about $1.3 billion remaining.

The company also increased its quarterly cash dividend to 22 cents per share, a 16 percent increase over the previous dividend of 19 cents per share.

Mastercard had 1.09 billion class A shares and 21.3 million class B shares as of Dec. 31.

Reporting by Diptendu Lahiri in Bengaluru; Editing by Shounak Dasgupta

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