- UBS Group AG (NYSE:UBS) said it is changing its $6 billion share buyback program following its takeover of Credit Suisse Group (NYSE:CS).
- Under the buyback program launched in March 2022, UBS Group decided to issue new shares for the deal.
- However, with the latest plan, the company would instead use shares already issued, Reuters reported.
- Under the deal, one UBS Group share will be exchanged for 22.48 shares in Credit Suisse, requiring a maximum of 178 million UBS Group shares to be used.
- After getting approval from the Swiss Takeover Board, the company said it would use some of the shares for the takeover.
- In March, UBS Group inked a merger deal to buy rival Credit Suisse for 3 billion Swiss francs in stock and agreed to assume up to 5 billion francs in losses.
- The merger had been engineered by Swiss authorities to avoid “more market-shaking turmoil” in global banking.
- The buyback will run until 2024. Under the program, 298.5 million shares have been repurchased, equivalent to 8.47% of its stock.
- Price Action: UBS shares are up 0.60% at $21.20 in premarket trading on the last check Tuesday.
Crypto Exchange FTX.US Opens Stock Trading To All States
Cryptocurrency exchange FTX.US has opened its stock trading platform to users across all U.S. states.
What Happened: Brett Harrison, president of FTX.US, announced the nationwide rollout of FTX Stocks in a tweet on Wednesday.
