UBS shares fall to five-year low
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]