UBS Group said it is launching a share buyback of up to $2 billion, delivering on its plans to hand money back to shareholders after the Swiss government proposed tougher capital rules for the bank earlier this month.

The Swiss banking giant said Monday that the buyback program would start on Tuesday and that it intended to repurchase up to $2 billion of shares in the second half of the year. The latest buyback came after UBS completed a $2 billion program it launched in April last year, which included repurchases of $1 billion in the first half of this year.