English
UBS AG, the Zurich-based bank that suffered the greatest losses among European banks as a result of the sub-prime mortgage crisis in the U.S., will call a shareholder meeting on 2 October to replace four Board members. Stephan Haeringer, Rolf Meyer, Peter Spuhler and Lawrence Weinbach will step down from the Board on the same occasion. UBS obtained a 13 billion CHF injection from Singapore Investment Corp. and other Asian investors to cope with the 38 billion USD plunge in asset value as a result of the mortgage crisis and the 25.4 billion CHF net losses posted since July 2007. For the first four months of this year, UBS reported net losses of 11.5 billion CHF (10.97 billion USD).
UBS AG To Replace Four Board Members
F.A.
Ziarul BURSA #English Section / 2 iulie 2008
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