05:41 AM EDT, 04/02/2024 (MT Newswires) -- UBS (UBS) said Tuesday it is planning to launch a stock repurchase program for up to $2 billion of its shares beginning on Wednesday and ending on April 2, 2026.

Based on UBS's March 27 closing price, the repurchase program encompasses about 64.1 million shares or about 1.85% of outstanding shares.

The share repurchase will be conducted via a trading line on the SIX Swiss Exchange. The shares will be repurchased for a capital reduction, the company said.

A repurchase program launched in 2022 ended March 28 after buying back 5.01 billion Swiss francs ($5.24 billion) worth of shares.