UBS logo is seen at the office building in Krakow, Poland on February 22, 2024.

Jakub Porzycki | Nurphoto | Getty Images

UBS on Tuesday announced a new share repurchase program of up to $2 billion, with up to $1 billion of that total expected to take place this year.

“As previously communicated, in 2024 we expect to repurchase up to USD 1bn 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,” the bank said in a statement.

“Our ambition is for share repurchases to exceed our pre-acquisition level by 2026.”

The new program comes after the completion of the 2022 buyback, which saw 298.5 million of it shares purchased. This was 8.6% of its stock worth $5.2 billion, according to UBS.

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