UBS announces new $2 billion share buyback programme

UBS share buyback:  Investment bank and financial services company UBS revealed on Tuesday its initiation of a new share buyback programme worth up to $2 billion, with half of the amount slated for completion in 2024.

Commencing on Wednesday, April 3, the Swiss bank's buyback initiative follows its 2022 programme, during which UBS repurchased 298.5 million of its shares, equivalent to 8.6 per cent of its stock, for $5.2 billion.

Contrary to cancellation, most of the repurchased shares were utilised in last year's acquisition of Credit Suisse. 

Prior to this acquisition, UBS had already repurchased nearly 1.2 billion Swiss francs ($1.32 billion) worth of its stock.

The bank stated, “As previously communicated, in 2024 we expect to repurchase up to $1 billion of our shares, commencing after the completion of the merger of UBS AG and Credit Suisse AG which is expected to occur by the end of the second quarter.”

Furthermore, UBS expressed its ambition for share repurchases to surpass pre-acquisition levels by 2026.

(With Reuters Inputs)