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UBS Group AG mentioned it might purchase again as much as $2 billion of its shares over the subsequent two years, giving shareholders better visibility on returns because the lender targets completion of its takeover of Credit score Suisse.
The brand new program will start Wednesday and finish on the newest on April 2, 2026. “Our ambition is for share repurchases to exceed our pre-acquisition degree by 2026,” the Zurich-based financial institution mentioned in an announcement Tuesday.
The financial institution confirmed beforehand introduced plans to repurchase $1 billion of shares this 12 months as a part of the brand new program. Its shares have been little modified in early morning buying and selling in Zurich.
UBS additionally mentioned its 2022 share repurchase program concluded on March 28. It halted that $5 billion share buyback program in April final 12 months amid the government-backed takeover of its former rival.
The lender introduced a restart of buybacks in February, signaling confidence over its integration with Credit score Suisse. On the identical time, the financial institution has posted two quarterly losses in a row because it grappled with the mixing activity.
Since closing the takeover of Credit score Suisse in June, UBS has outlined main targets for the mixing of its former rival together with round $13 billion in price financial savings, a lift from about $10 billion beforehand introduced. The financial institution additionally confirmed its profitability targets via 2026.
Each Chief Govt Officer Sergio Ermotti, who returned to steer UBS final 12 months, and Chairman Colm Kelleher have warned that 2024 will probably be a tougher 12 months when it comes to retaining prices down. The financial institution mentioned it expects to finish the merger by the top of the second quarter.
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