ZURICH (Reuters) -UBS on Tuesday introduced it was launching a brand new share buyback programme of as much as $2 billion, with as much as half being accomplished in 2024.
The scheme will start on Wednesday, April 3, the Swiss financial institution stated.
The scheme follows the 2022 buyback, the place UBS purchased again 298.5 million of its shares – equal to eight.6% of its inventory – for $5.2 billion.
Reasonably than being cancelled, a lot of the repurchased shares had been utilized in final 12 months’s takeover of Credit score Suisse.
Earlier than the deal was introduced, UBS had already repurchased practically 1.2 billion Swiss francs ($1.32 billion) price of its inventory.
“As beforehand communicated, in 2024 we anticipate to repurchase as much as $1bn of our shares, commencing after the completion of the merger of UBS AG and Credit score Suisse AG which is predicted to happen by the top of the second quarter,” the financial institution stated in a press release.
“Our ambition is for share repurchases to exceed our pre-acquisition degree by 2026,” it added.
($1 = 0.9062 Swiss francs)
