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Swiss bank UBS has announced a buyback of its shares.
On the 2nd (local time), UBS announced that it would start a new buyback program of up to $2 billion and plans to complete up to half by 2024.
UBS revealed that it had already bought back nearly 1.2 billion Swiss francs ($1.32 billion) worth of its shares before the deal was announced, most of which was used for last year’s acquisition of Credit Suisse.
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The bank said, “After the end of the second quarter in 2024, when the merger of UBS AG and Credit Suisse AG is scheduled, we plan to buy back up to $1 billion worth of our shares.”
It added, “Our goal is to exceed the pre-acquisition level of share buybacks by 2026.”
The buyback is scheduled to start on April 3rd.
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