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Home»Business»UBS makes changes to buyback programme following Credit Suisse takeover
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UBS makes changes to buyback programme following Credit Suisse takeover

April 18, 2023No Comments1 Min Read
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ZURICH, April 18 (Reuters) – UBS (UBSG.S) on Tuesday said it was making changes to its $6 billion share buyback programme following its takeover of Credit Suisse (CSGN.S).

UBS said it will use some of the shares for the takeover rather than cancelling them as originally planned after getting approval from the Swiss Takeover Board.

Switzerland’s biggest bank agreed in March to buy rival Credit Suisse CSGN.S for 3 billion Swiss francs in stock and agreed to assume up to 5 billion francs in losses, in a merger engineered by Swiss authorities to avoid more market-shaking turmoil in global banking.

UBS on Tuesday said it had decided against issuing new shares for the deal, but would instead use shares that had already been issued.

Under the deal, one UBS share will be exchanged for 22.48 shares in Credit Suisse, requiring a maximum of 178 million UBS shares to be used.

So far under the buyback – which was launched in March 2022 and will run until 2024 – 298.5 million shares have been bought back, equivalent to 8.47% of its stock, UBS said.

Reporting by John Revill, Editing by Rachel More

: .

See also  FTX sues Bankman-Fried, others to recoup more than $1 billion
buyback credit programme Suisse takeover UBS
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