UBS today announced that it was writing down its sub-prime holdings by a further US$ 10 billion. This brings the total write-down in UBS’s sub-prime holdings to about US$ 13.5 billion making it the biggest loser from the sub-prime crisis. The Swiss banking giant however, managed to raise CHF 13 billion (about US$ 11.5 billion) by selling equity to Singapore’s GIC and an undisclosed investor from the Middle-East.

However, UBS may make a nett loss for the year 2007 and will certainly make a loss in the fourth quarter. This is however, only the second quarter in the last 9 years in which UBS is making a loss. UBS, formed in 1998 after the merger of the Union Bank of Switzerland and the Swiss Bank Corporation, is the world’s largest manager of private assets and is one of the largest investment banks in the world with approximately 80,000 employees. It has a significant global  presence in the areas of Asset Management and Investment Banking.  Its trading floor in Stamford,Connecticut is one of the largest in the world.

In spite of its recent sub-prime woes, I believe that its growth is far from over.

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