Embattled UBS wraps up bumper rights issue

FRANKFURT (Reuters)- UBS has wrapped up a 16 billion franc rights issue, the Swiss bank’s second effort to resuscitate finances that have been ravaged by the global markets crisis.

It is the latest in a line of major banks including Britain’s Royal Bank of Scotland and HBOS and France’s Credit Agricole to go cap in hand to shareholders. In total, European banks are raising more than $40 billion from shell-shocked investors.

UBS said on Friday 99.4 percent of the issue was taken up but one analyst pointed to what he said was UBS’s weak stock performance during the rights trading. "It has been weak ever since they announced the rights issue," said Peter Thorne, an analyst with Helvea.

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