UBS Group (UBS) plans to move ahead with a $3 billion share repurchase this year even with new capital rules and economic instability, Reuters reported Thursday, citing chairman Colm Kelleher's comments at the firm's annual meeting.
The company plans to buy back $1 billion worth of stock in H1 and up to $2 billion more in H2, assuming Switzerland's regulatory framework remains largely unchanged, the report said.
Proxy adviser Ethos opposed the move, arguing that it was poorly timed given political tensions and that UBS should preserve capital rather than return it to investors, the report said.
The Swiss government plans to impose tougher capital standards on banks in June, the report added.
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
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