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UBS shareholders approve $12 billion investment from Singapore, Mideast wealth funds

UBS shareholders approve $12 billion investment from Singapore, Mideast wealth funds

UBS shareholders have approved a US$12 billion (euro8 billion) capital infusion from foreign, government-owned funds.
The so-called sovereign wealth funds are based in Singapore and an unidentified Middle East country. The investment is aimed at shoring up Switzerland's largest bank in the face of massive losses linked to the U.S. subprime mortgage crisis.
Thousands of UBS shareholders are at the extraordinary meeting in a Swiss arena. Some are calling for Chairman Marcel Ospel to step down. But he is vowing to stay on long enough to steer UBS back to financial health.


Updated : 2021-01-17 14:58 GMT+08:00