Proactive Investors - UBS has announced it is to buy back US$2 billion worth of shares over the next two years, as the Swiss bank rebuilds following last year’s shotgun marriage to rival Credit Suisse (SIX:CSGN).
Purchases under the plan will begin tomorrow, April 3, the Swiss bank said.
"As previously communicated, in 2024 we expect to repurchase up to $1bn of our shares, commencing after the completion of the merger of UBS AG (LON:0R3T) and Credit Suisse AG which is expected to occur by the end of the second quarter," the bank said in a statement.
"Our ambition is for share repurchases to exceed our pre-acquisition level by 2026," it added.
A previous buyback scheme worth $5.2 billion was finally completed last month having been on hold following the Credit Suisse deal.
Shares in UBS have rallied strongly over the past twelve months after it took an axe to Credit Suisse’s unprofitable following last March’s Swiss state-brokered takeover.
Higher interest rates have also boosted profits across Europe’s banking sector.