UBS Moves to Raise $15 Billion |
New York Times - May 22, 2008 |
The Swiss banking giant, UBS, said Thursday that it would raise more than $15 billion by issuing sharply discounted shares as it tried to restore capital depleted by losses on mortgage securities.
The capital increase marks the second time that UBS has had to raise funds since the credit markets tightened last year with the collapse of the American subprime housing market. In February, the bank raised 13 billion Swiss francs, or $12.6 billion, in capital from Government of Singapore Investment Corporation and an unidentified Middle Eastern investor.
The crisis has hit UBS harder than any other European financial institution. It posted a net loss of $10.9 billion in the first quarter. It also wrote down $19 billion of asset-backed securities in the quarter, bringing its total write-downs to about $38 billion since the credit markets began to tighten last summer.
Read Full Article from New York Times
- Posted: 2008-05-22 08:49:27
More Stock Investor Place Company News |
|
|
|
Stock Investor Place Company News Archive |
|
|