UBS announces result of 2021 share buyback

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FILE PHOTO: Switzerland's national flag flies below a logo of Swiss bank UBS in Zurich

ZURICH – UBS spent 3.81 billion Swiss francs ($4.10 billion) repurchasing its shares equivalent to 6.49% of its share capital in its 2021 buyback, the Swiss bank said on Wednesday.

The cancellation of most of the repurchased shares will be proposed at the bank’s upcoming shareholder meeting on April 6.

The lender plans to repurchase up to $6 billion of its shares under its latest scheme, equivalent to around 8.52% of its share capital.

($1 = 0.9284 Swiss francs)

(Reporting by John Revill; Editing by Jacqueline Wong)