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More credit crunch woes for Swiss bank giant UBS
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It has also raised cash from overseas sovereign wealth funds, which last week pumped £4.5 billion into Barclays.
Zurich-based UBS looked to assure investors today that it “has no need to raise new equity” following the fund-raising exercise.
Its “tier-one ratio” - the proportion of shareholder funds to its risk-weighed assets and essentially a measure of how well-capitalised a bank is - is 11.5%.
Since being hit by the crunch, UBS has also unveiled a corporate overhaul aimed at tightening up board supervision and clamping down on risk-taking within the business. Four members of the group’s board are stepping down.
This week, UBS said it was putting in place plans to strengthen the oversight role of the board as part of a restructuring which it hopes will restore its position among the world’s leading banks.
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