UBS on Tuesday introduced a brand new share repurchase program of as much as $2 billion, with as much as $1 billion of that whole anticipated to happen this 12 months.

“As beforehand communicated, in 2024 we count on to repurchase as much as USD 1bn of our shares, commencing after the completion of the merger of UBS AG and Credit score Suisse AG which is anticipated to happen by the tip of the second quarter,” the financial institution mentioned in an announcement.

“Our ambition is for share repurchases to exceed our pre-acquisition degree by 2026.”

The brand new program follows the completion of the 2022 buyback, throughout which 298.5 million of it shares had been bought. This represented 8.62% of its inventory value $5.2 billion, in keeping with UBS.

The financial institution’s 2022 share repurchase program concluded final month.

Buybacks happen when companies buy their very own shares on the inventory change, lowering the portion of shares within the arms of buyers. They provide a manner for corporations to return money to shareholders — together with dividends — and normally coincide with an organization’s inventory transferring greater, as shares get scarcer.

UBS has undertaken the mammoth activity of integrating Credit score Suisse’s enterprise, after saying in late March 2023 that former chief Sergio Ermotti would return for a second spell as CEO.

Figures final week confirmed that Ermotti earned 14.4 million Swiss francs ($15.9 million) in 2023, following his shock return. The financial institution in February reported a second consecutive quarterly loss on the again of integration prices, however continued to ship robust underlying working income.

Shares are up greater than 6% thus far this 12 months.