May 20, 2009 / 7:27 PM / 10 years ago

UBS confirms 2008 full year loss raised by $366 mln

ZURICH, May 20 (Reuters) - Swiss bank UBS AG UBSN.VX (UBS.N) confirmed on Wednesday a restatement of its 2008 accounts which raised its full year loss by a further 405 million Swiss francs ($366 million).

The restatement, which UBS said it would do when it reported first-quarter results earlier this month, was to correct accounting errors and upped what was already the biggest loss in Swiss corporate history. [ID:nL5170687]

The impact of the restatement also reduced equity and equity attributable to UBS shareholders by 269 million francs, UBS said.

UBS will refile the annual report with the U.S. Securities and Exchange Commission. ($1=1.108 Swiss Franc) (Reporting by Sam Cage, editing by Gerald E. McCormick)

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