UBS investors to consider infusion of fresh capital
UBS shareholders will consider a proposal for a fresh capital hike of 10 billion Swiss francs ($9.88 billion) next month, according to a Swiss newspaper report on Sunday.
By Agencies |
ZURICH: UBS shareholders will consider a proposal for a fresh capital hike of 10 billion Swiss francs ($9.88 billion) next month, according to a Swiss newspaper report on Sunday.
The SonntagsBlick newspaper quoted Herbert Braendli, head of Swiss pension fund Profond, as saying UBS had confirmed that a Profond proposal to raise 10 billion francs would be on the agenda at the bank���s general meeting on April 23. ���UBS has confirmed this to us,��� Braendli told SonntagsBlick.
���UBS wants to put through a capital injection.��� The bank was not immediately available to comment on the report. UBS is the European bank hardest hit by the credit crisis and booked $18 billion in subprime writedowns last year.
Analysts expect it to write down an additional 10-20 billion francs in 2008 and some expect it to need to raise more money to shore up its capital. The bank has already raised 13 billion francs through a convertible bond sold to investors in Singapore and Saudi Arabia and aims to raise around 6 billion francs more through various measures including issuing a stock dividend.
The SonntagsBlick newspaper quoted Herbert Braendli, head of Swiss pension fund Profond, as saying UBS had confirmed that a Profond proposal to raise 10 billion francs would be on the agenda at the bank���s general meeting on April 23. ���UBS has confirmed this to us,��� Braendli told SonntagsBlick.
���UBS wants to put through a capital injection.��� The bank was not immediately available to comment on the report. UBS is the European bank hardest hit by the credit crisis and booked $18 billion in subprime writedowns last year.
Analysts expect it to write down an additional 10-20 billion francs in 2008 and some expect it to need to raise more money to shore up its capital. The bank has already raised 13 billion francs through a convertible bond sold to investors in Singapore and Saudi Arabia and aims to raise around 6 billion francs more through various measures including issuing a stock dividend.
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