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UBS shares fall to five-year low

Published on 29/02/2008

29 February 2008

ZURICH – UBS AG shares are at their lowest point in nearly five years.

Shares in Switzerland’s largest bank have plunged 5.3% to CHF33.86 on the Zurich exchange Friday.

The bank has suffered massive losses linked to the US subprime mortgage crisis. The share price fall comes two days after a tense extraordinary meeting of thousands of shareholders.

On Wednesday, shareholders overwhelmingly approved a US$12 billion investment from foreign, government-owned funds aimed at shoring up the bank.

UBS suffered its first full-year loss in a decade last year. Its share price has slumped around 35% so far this year.

[Copyright ap 2008]