Despite this, the bank’s dividend distribution policy will be maintained, according to the chairman of UBS, Colm Kelleher.

This Monday (20), UBS announced to the market the suspension of its share buyback plan. The decision came after the announcement of the purchase of rival Credit Suisse for 3 billion Swiss francs, around US$ 3.25 billion.

Despite this, the bank’s dividend distribution policy will be maintained, according to the chairman of UBS, Colm Kelleher.

Kelleher characterized it as a historic day, “in Switzerland it is a day that, frankly, we hoped would not come”, he highlighted during a teleconference with analysts to comment on the purchase of Credit Suisse, last Sunday (19).

According to the chairman of UBS, the company remains “firmly committed” to its organic growth strategy. In addition, Kelleher said that a series of events in recent weeks have prompted UBS to consider a Credit Suisse acquisition. Driven mainly by regulatory bodies in Switzerland to preserve global financial stability.

As an effect, Kelleher announced that in the short term, it will result in the temporary suspension of UBS‘ share buyback program. “Although our progressive dividend policy remains intact,” added the bank’s chairman.

Finally, Kelleher said that while UBS has not begun discussions with Credit, the bank finds the transaction “financially attractive” for its shareholders.