Swiss Takeover Board Approves UBS's Plan
The Swiss Takeover Board has approved for UBS to use these shares in the Credit Suisse takeover. This decision comes after UBS, Switzerland's largest bank, agreed in March to acquire Credit Suisse for 3 billion Swiss francs in stock and take on up to 5 billion francs in losses.
UBS Opts Against Issuing New Shares for Deal
UBS stated that it would not issue new shares for the deal but would instead utilize shares already issued. According to the agreement, one UBS share will be exchanged for 22.48 shares in Credit Suisse, necessitating a maximum of 178 million UBS shares.
UBS Buyback Progress So Far
Launched in March 2022 and scheduled to run until 2024, UBS's buyback programme has so far resulted in repurchasing 298.5 million shares, equating to 8.47% of its stock.