(Adds detail, background)
ZURICH, April 18 (Reuters) - UBS on Tuesday
said it was making changes to its $6 billion share buyback
programme following its takeover of Credit Suisse .
UBS said it will use some of the shares for the takeover
rather than cancelling them as originally planned after getting
approval from the Swiss Takeover Board.
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)
Messaging: john.revill.thomsonreuters.com@reuters.net))
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