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Two UBS directors turn compensation into stock: report
2009-01-10
GENEVA (AFP) - Two directors of Switzerland's biggest bank UBS have decided to show confidence in the institution by turning their compensation into shares, the daily Tribune de Geneve reported Saturday. The owner of Italian automobile group Fiat, Sergio Marchionne, has already converted 387,500 Swiss francs (259,000 euros, 348,000 dollars) into shares, roughly half his compensation for 2008, the newspaper said. Former head of the pharmaceutical group Serono, and winner of the 2003 America's Cup, Ernesto Bertarelli, said he plans to do the same buying 525,000 francs (350,000 euros) worth of UBS stock. UBS has lost billions of dollars in the United States subprime home loan crisis and the ensuing financial turmoil. Under the state rescue plan unveiled in October, the Swiss government injected 6.0 billion francs in new capital to UBS, and lent 54 billion dollars to the bank to transfer its non-liquid assets into the separate fund set up by the Swiss National Bank. The fresh capital, equivalent to 3.9 billion euros or 5.2 billion dollars, gives the Swiss government a 9.3-percent stake in UBS. In November, former UBS executives also gave up nearly 70 million Swiss francs in compensation.
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