Julius Baer announced a share repurchase program worth up to 600 million Swiss francs ($723 million), just after Swiss regulators said they were closing a multi-year investigation into the firm. The lender also put forward a revised capital allocation policy. The company said in a statement, "Following regulatory approval and taking into account the group's strong capital position, the board of directors of Julius Baer has approved this share buyback program."

Earlier this week, the Swiss Financial Market Supervisory Authority (Finma) ended enforcement proceedings against Julius Baer, sending the company's shares up by the most in more than a year. The move removed a long-standing overhang that had weighed on its stock price.

Julius Baer said that day it was seeking permission to buy back shares after the Finma decision.