UBS Group AG announced it will buy back about 16 billion francs ($16.1 billion) of its own bonds after new Swiss rules come into effect in 2019.
The cash tender offer for the bonds will end on Dec. 15, the bank said. UBS expects to report a fourth-quarter expense on the transaction. The buyback will have an immaterial effect on the bank’s CET1 ratio, it said.
Switzerland announced new capital rules for its biggest banks on Oct. 21, forcing them to accrue more capital and issue billions of francs in eligible bonds.
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