UBS, one of the world’s leading financial firms, said Thursday that it is offering to buy back up to 1 billion euros ($1.30 billion) of its outstanding bonds to bolster up the bank’s Tier 1 capital ratio, using the available cash.

The offer Tender covers four lower tier 2 bond maturing between 2015 and 2019 and makes tender for bonds valued at 7 bln Swiss francs ($5.96 billion).

The bank said in a separately it would ask its shareholders to approve the creation of conditional capital related to the company's transaction with the Swiss National Bank, in the annual meeting scheduled on April 15.

Last week, the bank reported it plans to cut up to 5,000 senior and management positions in the upcoming weeks, and that by the end of the year its investment bank division would reduce its headcount to 15,000 through the elimination of 2,000 positions

UBS shares rose 4.57% percent at $12.35 in the afternoon trading.

Investment