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UBS issues shares to boost funds

The Swiss bank UBS is issuing discounted stock in a move to raise capital worth SFr16 billion ($15.6 billion).

It will offer more than 760 million new shares at SFr21 each, one-third below the latest market price, the bank said on Thursday.

UBS’s board of directors approved an increase in share capital through the issue of the shares on Wednesday and fixed the subscription price.

An application has been made for trading in the new shares to start on the Swiss, New York and Tokyo stock exchanges on June 13.

The issue had been approved by shareholders at the bank’s annual general meeting in April, which also elected a new chairman. Peter Kurer replaced Marcel Ospel after dramatic losses arising from the US subprime crisis.

Earlier this month UBS announced plans to cut about 5,500 jobs, or seven per cent of its workforce, after reporting a first-quarter loss of SFr11.5 billion ($11.1 billion).

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SWI - a branch of Swiss Broadcasting Corporation SRG SSR

SWI - a branch of Swiss Broadcasting Corporation SRG SSR