(ANSA) - MILAN, April 25 - Ubs will conclude the acquisition of Credit Suisse "probably in the second quarter of the year and this will strengthen the customer portfolio", Ubs explains in the presentation of the first quarter results which ended with a net profit of 1, $3 billion, down 52% year-over-year due to litigation provisions.
While acknowledging the scale and complexity of the Credit Suisse integration and restructuring, "we believe this combination presents a unique opportunity to deliver significant, long-term value to all of our stakeholders," the statement concludes.
$1.3 billion of stock was repurchased during the quarter.
The banking group temporarily suspended share buybacks following the announcement of the CreditSuisse takeover but intends to "resume them as soon as possible".
UBS obtained 28 billion dollars of net new capital in wealth management, of which 7 billion dollars in the last ten days of March, following the announcement of the acquisition of CreditSuisse.
"With the planned acquisition of Credit Suisse, we are taking another transformational step in UBS's journey while remaining true to our culture, strategy and commitment," said UBS CEO Sergio Ermotti.
"We have reiterated - he adds - our intention to have a progressive increase in the cash dividend every year and we certainly intend to resume share buybacks when it is appropriate".
(HANDLE).