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Swiss banking big UBS to launch share buyback of as much as $2 billion

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UBS emblem is seen on the workplace constructing in Krakow, Poland on February 22, 2024.

Jakub Porzycki | Nurphoto | Getty Pictures

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UBS on Tuesday introduced a brand new share repurchase program of as much as $2 billion, with as much as $1 billion of that whole anticipated to happen this 12 months.

“As beforehand communicated, in 2024 we anticipate to repurchase as much as USD 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 mentioned in a press release.

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“Our ambition is for share repurchases to exceed our pre-acquisition stage by 2026.”

The brand new program comes after the completion of the 2022 buyback, which noticed 298.5 million of it shares bought. This was 8.6% of its inventory price $5.2 billion, in accordance with UBS.

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