UBS to launch new $2bn buyback

Swiss banking giant UBS on Tuesday announced plans to launch a new $2bn share buyback programme following the completion of its merger with Credit Suisse.

The company said that it will kickstart a new repurchase programme on Wednesday, with $1bn being completed this year.

The news follows the repurchase of nearly 300m shares since March 2022, representing 8.62% of the registered share capital. worth $5.24bn. Most of these shares, which were originally intended for cancellation, were used in the Credit Suisse takeover.

UBS said it expects the merger with Credit Suisse to happen by the end of the second quarter.

"Our ambition is for share repurchases to exceed our pre-acquisition level by 2026," the bank said.

UBS shares were up 0.5% at CHF27.89 by 1130 in Zurich.