Singapore extends lifeline to UBS

UBS announces a further $10 billion write down and calls on GIC Singapore and an unnamed Middle East investor to shore up its capital by $11.5 billion.

UBS has become the largest casualty of the subprime crisis thus far, declaring a further $10 billion write down of its portfolio.

UBS is being bailed out by the Government of Singapore Investment Corporation GIC, which is investing CHF11 billion $9.74 billion, and an undisclosed strategic investor in the Middle East, who is investing CHF2 billion, in the Swiss bank. Both investors will buy mandatory convertible notes bearing a coupon of 9% which are convertible into...

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