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UBS launches £7.8bn rights issue

UBS has revealed a SwFr16 billion (£7.8bn) rights issue in a bid to repair its balance sheet.

The fully underwritten rights will be offered to existing shareholders at a discount of more than 30 per cent.

UBS has been badly hit by its exposure to the sub-prime mortgage market, resulting in writedowns of about £19bn.

The latest rights issue follows Royal Bank of Scotland which is asking for £12bn, HBOS for £4bn and Bradford & Bingley for £300m.

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