# UBS makes changes to buyback programme following Credit Suisse takeover
Author:  Pal Sinha, Barnali 
Author URL: https://financedigest.com/author/pal-sinha-barnali
Published: 2023-04-18
Category: NEWS
Category URL: https://financedigest.com/category/news
Meta Title: UBS Updates Buyback Programme Post Credit Suisse Merger
Meta Description: UBS changes its $6 billion share buyback programme after acquiring Credit Suisse, using shares for takeover & avoiding new share issuance. Learn more here.
URL: https://financedigest.com/ubs-makes-changes-to-buyback-programme-following-credit-suisse-takeoverhtml

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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](https://www.financedigest.com/swiss-national-bank-says-inflation-battle-not-yet-won.html "Swiss National Bank says inflation battle not yet won").

UBS on Tuesday said it had decided against issuing new [shares for the deal](https://www.financedigest.com/greeces-aegean-airlines-in-code-sharing-deal-with-emirates.html "Greece’s Aegean Airlines in code sharing deal with Emirates"), 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](https://www.financedigest.com/credit-suisse-offers-higher-deposit-rates-in-asia-to-woo-the-wealthy-sources.html "Credit Suisse offers higher deposit rates in Asia to woo the wealthy – sources"), 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](https://www.financedigest.com/collegiate-ac-and-shuman-capital-launch-e300-million-european-student-living-fund.html "Collegiate AC and Shuman Capital launch €300 million European Student Living Fund") 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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