BusinessCompany NewsUBS rolls out £7.9bn rights issue

UBS rolls out £7.9bn rights issue

The biggest European casualty of the sub-prime turmoil in terms of write-downs is seeking to bolster its balance sheet with a massive rights issue

UBS has turned to its shareholders to bail it out of its sub-prime troubles
with a rights issue of $16bn Swiss Francs (£7.9bn).

The bank hopes to generate the extra capital as shareholders snap up the
heavily discounted shares in a bid to galvanise its balance sheet, the
Times
reported.

In making the rights issue, the Swiss bank has followed the example of other
institutions taking steps to firm up their capital cushion.

RBS has asked for £12bn, HBOS is seeking £4bn and Bradford & Bingley
hopes to generate £300m.

Further reading:

Voser
to help out at UBS

Related Articles

BDO replaces Deloitte as Mitie auditor

Audit BDO replaces Deloitte as Mitie auditor

3m Emma Smith, Managing Editor
CVR Global appoints partner in London office

Company News CVR Global appoints partner in London office

7m Alia Shoaib, Reporter
FTSE100 failing to provide adequate ethics information

Company News FTSE100 failing to provide adequate ethics information

7m Alia Shoaib, Reporter
Moore Stephens recruits new private client partner

Accounting Firms Moore Stephens recruits new private client partner

10m Emma Smith, Managing Editor
Magma Group announces merger, partner promotions

Accounting Firms Magma Group announces merger, partner promotions

10m Emma Smith, Managing Editor
BDO on ‘recruitment spree’ with multiple partner appointments

Accounting Firms BDO on ‘recruitment spree’ with multiple partner appointments

10m Emma Smith, Managing Editor
Brand strength leads to fee income growth for RSM

Accounting Firms Brand strength leads to fee income growth for RSM

10m Emma Smith, Managing Editor
Mazars strengthens audit team with partner appointment

Accounting Firms Mazars strengthens audit team with partner appointment

10m Emma Smith, Managing Editor