UBS launches $2 billion share buyback program

UBS announced on Tuesday the launch of a new share buyback program worth up to $2 billion, with half of the buyback expected to be completed in 2024. The Swiss bank disclosed that the program would commence on Wednesday, April 3rd.

This initiative follows the 2022 buyback, where UBS repurchased 298.5 million of its shares, equivalent to 8.6% of its stock, for $5.2 billion. Notably, rather than being cancelled, most of the repurchased shares were utilized in last year’s takeover of Credit Suisse.

UBS had already repurchased nearly 1.2 billion Swiss francs ($1.32 billion) worth of its stock before the announcement of the deal. The bank stated that it expects to repurchase up to $1 billion of its shares in 2024, following the completion of the merger of UBS AG and Credit Suisse AG, expected by the end of the second quarter.

Source: Reuters