ZURICH, Feb 6 Reuters UBS said on Tuesday it had completed the first phase of integrating fallen rival Credit Suisse, was benefiting from net new asset flows and plans to restart share buybacks in the second half of the year, with up to 1 billion slated for 2024.

The Swiss bank affirmed key financial targets and set new ones including an ambition for its wealth management arm to boost invested assets to 5 trillion by 2028 from 3.85 trillion currently.

It is also aiming to see net new assets of 200 billion flow into the bank per year by 2028. Clients have entrusted the bank with 77 billion of net new assets since the acquisition, it said.

With enhanced scale and capabilities across our leading client franchises and improved resource discipline, we will drive sustainable longterm growth and higher returns, CEO Sergio Ermotti said in a statement.

It proposed a dividend of 0.70 per share for 2023, a 27 increase.

UBS also revealed it was targeting 13 billion in cost savings by the end of 2026, with half expected by the end of this year.

The cost of absorbing Credit Suisse led the world39;s biggest wealth manager to post a net loss of 279 million in the fourth quarter, slightly smaller than a companycompiled consensus estimate for a 285 million loss.

The share buybacks, which will restart after the merger with Credit Suisse is finalised, are a longawaited move.

The lender39;s previous 6 billion program from 2022 was initially slated to end in March 2024 but was put on…