UBS Group AG said it would buy back up to $2 billion of its shares over the next two years, giving shareholders greater visibility on returns as the lender targets completion of its takeover of Credit Suisse.
The new program will begin Wednesday and end at the latest on April 2, 2026. "Our ambition is for share repurchases to exceed our pre-acquisition level by 2026," the Zurich-based bank said in a statement Tuesday.
The bank confirmed previously announced plans to repurchase $1 billion of shares this year as part of the new program. Its shares were little changed in early morning trading in Zurich.
UBS also said its 2022 share repurchase program concluded on March 28. It halted that $5 billion share buyback program in April last year amid the government-backed takeover of its former rival.
The lender announced a restart of buybacks in February, signaling confidence over its integration with Credit Suisse. At the same time, the bank has posted two quarterly losses in a row as it grappled with the integration task.
Since closing the takeover of Credit Suisse in June, UBS has outlined major targets for the integration of its former rival including around $13 billion in cost savings, a boost from about $10 billion previously announced. The bank also confirmed its profitability targets through 2026.
