6-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_________________

FORM 6-K

REPORT OF FOREIGN PRIVATE

ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16 UNDER

THE SECURITIES EXCHANGE ACT OF 1934

Date: January 24, 2024

UBS Group AG

(Registrant's Name)

Bahnhofstrasse 45, 8001 Zurich, Switzerland

(Address of principal executive office)

Commission File Number: 1-36764

UBS AG

(Registrant's Name)

Bahnhofstrasse 45, 8001 Zurich, Switzerland

Aeschenvorstadt 1, 4051 Basel, Switzerland

(Address of principal executive offices)

Commission File Number: 1-15060

Indicate by check mark whether the registrants file or will file annual

reports under cover of Form

20-F or Form 40-

F.

Form 20-F

☒

Form 40-F

☐

This Form 6-K consists of the news release which appear immediately

following this page.

Investor Relations

Tel. +41-44-234 41 00

Media Relations

Tel. +41-44-234 85 00

UBS Group AG and UBS AG, News Release, 24

January 2024

Page 1

24 January 2024

Ad hoc announcement pursuant to Article 53 of the SIX Exchange Regulation Listing Rules

News Release

Changes to the UBS Group Executive Board

●

Aleksandar Ivanovic named President Asset Management; Suni Harford retires

●

Beatriz Martin Jimenez named GEB Lead for Sustainability and

Impact.

Zurich/Basel, 14 January 24 January 2024 –

Following Suni Harford’s decision to retire from UBS, Aleksandar

Ivanovic will join UBS’s Group Executive Board as President Asset

Management and Beatriz Martin Jimenez

will become the GEB Lead for Sustainability

and Impact in addition to her existing responsibilities.

These

changes are effective 1 March 2024.

As Head of Client Coverage and Head of the

EMEA and Switzerland regions for Asset Management,

Aleksandar Ivanovic has played a key role in developing

and executing UBS’s Asset Management

strategy and

leading the engagement with institutional and

wholesale clients. Since starting his

UBS career in 1992 as an

apprentice, Aleksandar has worked in all UBS business

divisions and has additionally held various leadership

roles at Credit Suisse and Morgan Stanley. He holds a Master of Science in Finance from the London Business

School.

Beatriz Martin Jimenez will succeed Suni Harford as

GEB lead for Sustainability & Impact, in

addition to her

existing responsibilities as Head Non-Core and Legacy and President EMEA

and UK Chief Executive. Beatriz

Martin Jimenez, who joined UBS in 2012,

has held key business and finance roles during her

12 years at UBS,

including Investment Bank Chief of Staff and COO,

Group Treasurer,

and Group Head Transformation and

has been closely involved with the firm’s culture-building

activities.

Suni Harford was appointed President Asset Management

in 2019 after joining the firm in 2017. Under

her

leadership, UBS has continued to evolve and

scale its Asset Management business

to meet clients’ changing

needs. Most recently, Suni has led the integration of Credit Suisse’s asset management activities, creating

one

of the largest global players with USD 1.6

trillion in assets under management and

recognized strengths in

areas including alternatives and sustainability. As the GEB Lead for Sustainability

and Impact since 2021, Suni

has spearheaded UBS’s efforts to align our activities

across the entire firm and drive our transition to a low-

carbon economy, including publication of our Climate Roadmap.

Group Chief Executive Officer Sergio P.

Ermotti: “I’m delighted to welcome Aleksandar

Ivanovic to the UBS

Group Executive Board. His extensive experience and

broad network across the firm make him the ideal

person to build on our strong foundation and progress our integration

plans. At the same time, Beatriz Martin

Jimenez’s many years of experience at UBS,

as well as at other leading financial services

firms, will be

invaluable in her role as GEB lead for sustainability

and impact. I’d also like to thank Suni Harford

for her

leadership and commitment to UBS and for

the significant contribution she has made

to our success. I wish

her all the best for the future.”

Investor Relations

Tel. +41-44-234 41 00

Media Relations

Tel. +41-44-234 85 00

UBS Group AG and UBS AG, News Release, 24

January 2024

Page 2

UBS Group AG and UBS AG

Investor Relations:

Switzerland:

+41-44-234 41 00

Media contact:

Switzerland:

+41-44-234 85 00

UK:

+44-207-567 47 14

Americas:

+1-212-882 58 58

APAC:

+852-297-1 82 00

www.ubs.com/media

Cautionary Statement Regarding Forward-Looking Statements

This media release contains statements that constitute “forward-looking statements,” including but not limited to

management’s outlook for UBS’s financial performance, statements relating to the anticipated effect of transactions and

strategic initiatives on UBS’s business and future development and goals or intentions to achieve climate, sustainability and other

social objectives. While these forward-looking statements represent UBS’s judgments, expectations and objectives concerning

the matters described, a number of risks, uncertainties and other important factors could cause actual developments and results

to differ materially from UBS’s expectations. For a discussion of the risks and uncertainties that may affect UBS's future results

please refer to the "Risk Factors" and other sections of UBS’s most recent Annual Report on Form 20-F,

quarterly reports and

other information furnished to or filed with the US Securities and Exchange Commission on Form 6-K, and the cautionary

statement on the last page of this presentation. UBS is not under any obligation to (and expressly disclaims any obligation to)

update or alter its forward-looking statements, whether as a result of new information, future events, or otherwise.

This Form 6-K is hereby incorporated by reference into (1) each of the

registration statements on Form

F-3 (Registration Numbers 333-263376 and 333-272452), and on Form S-8

(Registration Numbers

333-200634; 333-200635; 333-200641; 333-200665; 333-215254; 333-215255;

333-228653; 333-

230312; 333-249143 and 333-272975), and into each prospectus outstanding

under any of the

foregoing registration statements, (2) any outstanding offering circular or similar document

issued or

authorized by UBS AG that incorporates by reference any Forms 6-K

of UBS AG that are

incorporated into its registration statements filed with the SEC,

and (3) the base prospectus of

Corporate Asset Backed Corporation (“CABCO”) dated June 23, 2004

(Registration Number 333-

111572), the Form 8-K of CABCO filed and dated June 23, 2004 (SEC File Number 001-13444), and

the Prospectus Supplements relating to the CABCO Series 2004-101 Trust dated May 10, 2004

and

May 17, 2004 (Registration Number 033-91744 and 033-91744-05).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the

registrants have duly

caused this report to be signed on their behalf by the undersigned, thereunto

duly authorized.

UBS Group AG

By: _/s/ David Kelly______________

Name:

David Kelly

Title:

Managing Director

By: _/s/ Ella Campi_______________

Name:

Ella Campi

Title:

Executive Director

UBS AG

By: _/s/ David Kelly______________

Name:

David Kelly

Title:

Managing Director

By: _/s/ Ella Campi_______________

Name:

Ella Campi

Title:

Executive Director

Date:

January 24, 2024