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UBS Starting Equity Buyback, Could Grow Into 2025

FINANCIALS
UBS hinting at larger equity buyback this morning but likely not until 2025. Shouldn’t affect spreads today.
  • With results on 6-Feb, UBS indicated it would restart its equity buyback, aiming for USD1bn in 2H24, following the formal completion of the CS takeover.
  • Today, the bank has indicated it will buyback that amount in 2024 but is giving itself headroom to USD2bn, likely to be used beyond the year-end. As such, this is little real incremental news.
  • Next results release is due 7-May.

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