These 3 ASX 200 bank shares grabbed our headline news this week. Here's why

The ASX 200 banks saw management changes, share buybacks and bullish broker coverage over the week.

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It was another big week in financial markets, with the S&P/ASX 200 Index (ASX: XJO) bank shares leaping into our headlines.

Here's why these three big bank stocks grabbed our analysts' attention this week.

What put these ASX 200 bank shares in the news?

First up, we have Australia and New Zealand Banking Group Ltd (ASX: ANZ).

ANZ made headlines on Wednesday amid reports the bank was buying back some of its shares.

The ASX 200 bank share announced that it had hired UBS to undertake a share buyback in relation to its dividend reinvestment plan (DRP). ANZ will make its final FY 2023 dividend payout of 94 cents per share, partly franked on 22 December.

But many investors opted to let those dividends ride, reinvesting them into ANZ. This will see the bank buy back some $212 million worth of shares on market to fulfil its commitments under the DRP.

Australia's biggest bank, Commonwealth Bank of Australia (ASX: CBA), also made our headlines on Wednesday.

That came as the ASX 200 bank share announced the departure of David Cohen as deputy CEO, with that position being axed entirely.

CBA noted that Cohen had achieved all the objectives set out for him when he was appointed deputy CEO in November 2018, predominantly to streamline the big bank's portfolio and improve CBA's operations around customer remediation and complaints.

CBA CEO Matt Comyn noted that Cohen "helped guide the bank through some of our most challenging periods".

"David has been instrumental in helping CBA become the simpler, better bank that our customers deserve," Cohen said.

Which brings us to the third ASX 200 bank share leaping into our headlines this week, Westpac Banking Corp (ASX: WBC).

On Thursday, Motley Fool analyst James Mickleboro covered Ord Minnett's bullish outlook for Westpac shares.

With the Westpac share price down 10% in 12 months, the broker sees a buying opportunity, with an accumulate rating and a $28 target for the bank's shares. That's more than 30% above Friday's levels.

And the ASX 200 bank share could draw increased interest from passive income investors. Ord Minnet is forecasting fully franked dividends of $1.45 per share in FY 2024, up from the $1.42 per share paid in FY 2023.

Motley Fool contributor Bernd Struben has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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