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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