Switzerland’s UBS said it has successfully completed its SFr15.97 billion ($15.31 billion) share rights issue, achieving a subscription of almost 100 per cent.

The Zurich-listed bank, which agreed to make the move in April to repair its finances which have been damaged by massive losses stemming from the credit crunch, said in a statement that it has issued 760, 295,181 new shares with a par value of SFr0.10 each.

The subscription price of the new shares was set at SFr 21.00. Subscription rights for 755,466,901 new shares were exercised, representing 99.4 per cent of all new shares offered. 4,828,280 new shares, for which subscription rights were not validly exercised, will be sold by UBS Investment Bank in open market transactions on 13 June 2008.