January 21, 2020 / 10:08 AM / a month ago

BRIEF-UBS CEO: French Tax Case Must Be Taken Into Account In Considering Further Buybacks

Jan 21 (Reuters) - UBS Group AG:

* CFO SAYS GROUP REMAINS CONFIDENT IN ITS ABILITY TO GENERATE NET NEW MONEY GROWTH, EVEN AS IT FOCUSES AWAY FROM NET NEW MONEY AS A TARGET IN FAVOUR OF PROFIT

* CFO SAYS LAUNCHING A PROGRAM TO ENCOURAGE CLIENTS TO REDUCE CASH HOLDINGS IN EUROS AND SWISS FRANCS, WHICH WILL PROVIDE HEADWINDS TO NET NEW MONEY

* CEO SAYS FRENCH TAX CASE MUST BE TAKEN INTO ACCOUNT IN CONSIDERING FURTHER BUYBACKS; AGGRESSIVE CAPITAL REPURCHASES WOULD NOT BE APPROPRIATE IN LIGHT OF TAX CASE Source text for Eikon: Further company coverage: (Reporting by Brenna Hughes Neghaiwi)

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