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UBS new chief

Published April 24, 2008
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BASEL, April 23: Swiss banking giant UBS got approval for a fresh infusion of $14.8 billion and a new chairman on Wednesday but shareholders at an annual general meeting made plain their anger over huge subprime losses.

Shareholders voted in favour of appointing Swiss lawyer Peter Kurer as chairman, replacing Marcel Ospel who quit as the bank became the world’s biggest victim of the US subprime crisis. —AFP

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