LONDON: British bank Barclays disclosed on Monday around a 450 million pound ($591.80 million) loss on mishandled bond trades and said this meant it would have to delay a share buyback.

The lender said securities offered and sold by its structured products business for a period of around a year had exceeded the registered amount, meaning they would have to be repurchased at their original purchase price.

The estimated loss to be recognised is around 450 million pounds, the bank said.

Barclays said it would delay a planned 1 billion pound share buyback until the second quarter, adding that it had commissioned an independent review of the matter. Regulators are also conducting inquiries and requesting information, the bank said.

Shares in the bank were down 2% in early trading. ($1 = 0.7604 pounds)

(Reporting by Iain Withers; editing by John O'Donnell)