# UBS makes changes to buyback programme following Credit Suisse takeover
Author:  Pal Sinha,Barnali
Author URL: https://fintechherald.com/author/pal-sinha-barnali
Published: 2023-04-18
Category: Headlines
Category URL: https://fintechherald.com/category/headlines
Meta Title: UBS Adjusts $6 Billion Buyback Program Post Credit Suisse
Meta Description: UBS alters $6 billion share buyback program after acquiring Credit Suisse. Shares used for takeover instead of being cancelled. Swiss Takeover Board approves
URL: https://fintechherald.com/ubs-makes-changes-to-buyback-programme-following-credit-suisse-takeover

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## UBS makes changes to buyback programme following Credit Suisse takeover   ZURICH (Reuters) -UBS on Tuesday said it was making changes to its $6 billion share buyback programme following its takeover of Credit Suisse.    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)


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