Financial service company UBS Group AG, on Tuesday, said it intends to commence a new 2024 share buyback program of up to $2 billion on April 3, and the company is expecting to repurchase up to $1 billion of its shares, starting from the end of the merger of UBS Group and Credit Suisse AG.
The company said its ambition is for share repurchases to exceed its pre-acquisition level by 2026.
In April 2023, the Swiss takeover board approved around 178 million shares repurchase under the 2022 program, and originally intended for cancellation, for the acquisition of the Credit Suisse Group.
As of June 2023, the financial services provider said Credit Suisse merged with UBS Group, and the combined entity will operate as a consolidated banking group.
Credit Suisse is a banking institution based in Switzerland, now functions as a wholly-owned subsidiary of UBS Group.
The financial institution initially repurchased around 298.5 million shares by a separate trading line on the SIX Swiss Exchange as part of its 2022 share repurchase program. The 2022 stock buyback was launched in late March 2022, representing 8.62% of the current share capital of UBS Group.
UBS Group, based in Zürich, Switzerland has a market capitalization of $106.5 million, currently.
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