Swiss bank UBS has announced a new share buyback program worth up to $2 billion, with half of the amount to be completed by 2024.

This follows a 2022 buyback of $5.2 billion to repurchase 298.5 million shares, or 8.6% of UBS’s total equity.

The plan aims for share repurchases to surpass pre-acquisition levels by 2026.

The fresh buyback, if fully executed, will total about 64.1 million shares, or 1.85% of UBS’s share capital.

Analysts at Zuercher Kantonalbank see the launch of the new share buyback program as the first step in preparing for the announced $1 billion buyback, which is expected to begin in Q3.