The battered European bank major, UBS, is planning to raise new capital of 3.5 billion US dollars in the coming week, through issue of fresh equity shares. The capital raising plan is triggered by the buoyant capital markets in the last two months, and also by the need to make up for the capital hole created due to the loss in the latest quarter.
The bank continues to make huge losses even now, and with increased unemployment across Europe and the plummeting property prices, the bank has warned of a tough 2009.