Credit Suisse Group AG's board of directors approved a new share buyback program of up to CHF1.5 billion for 2020, which will commence in January.

The Swiss lender expects to repurchase at least CHF1.0 billion of its shares until the end of 2020, subject to market and economic conditions, with the shares expected be canceled through a capital reduction to be proposed at future annual shareholder meetings.

Credit Suisse completed its 2019 buyback program on Dec. 30, 2019, under which it repurchased 79,818,000 shares for a total of CHF1.0 billion at an average purchase price of CHF12.53 per share.