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Sunday, July 06, 2008

Swiss Regulators may require UBS, CS to raise $68 billion

by Calculated Risk on 7/06/2008 02:39:00 PM

From MarketWatch: Swiss banks may need to raise $68 billion more

The newspaper Sonntag quoted a parliamentarian as saying the nation's Federal Banking Commission would require additional capital of about $39 billion for UBS, and $29 billion for Credit Suisse, according to summary by Agence-France Presse.

The banks would likely have to sell equity to raise the capital, thus diluting current shareholders' stake in the companies, the report said.
OK, I'm excerpting from a MarketWatch story quoting a summary by Agence-France Presse of an article in Sonntag quoting a Swiss parliamentarian. I'm sure all the details are correct!