Swiss banking group Credit Suisse has announced plans to repurchase shares worth a minimum of CHF1bn ($1.03bn) by 2020-end.

The bank secured the go-ahead from its board to buy back up to CHF1.5bn of its shares. The move is subject to market conditions.

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The programme has started this month and will be carried out till the end of this year.

Commenting on the programme, the bank said in a statement: “Credit Suisse will acquire its own shares on a second trading line on SIX Swiss Exchange subject to deduction of applicable Swiss federal withholding tax.

“The repurchased shares are expected to be cancelled by means of a capital reduction to be proposed at future annual general meetings of shareholders.”

The bank carried out a similar initiative last year. That programme, which was launched last January, has been completed.

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Through the programme in 2019, the bank bought back almost 80 million of its shares for more than CHF1bn at an average price of CHF12.53 a share.

The programme is aimed at rewarding Credit Suisse shareholders for sticking with CEO Tidjane Thiam during a three-year restructuring. As part of the restructuring, Thiam increased focus on the UHNW segment.

In Q3 2019, Credit Suisse posted net income attributable to shareholders of CHF881m. The figure is almost double compared to Q3 2018.