LUZERN (Switzerland) - FORMER senior executives at Switzerland's biggest bank UBS have voluntarily renounced about 70 million Swiss francs (S$88 million) in bonuses and wages, the bank's chairman Peter Kurer said on Thursday.

The sum included bonuses foregone by former chairman Marcel Ospel, who together with former board members Stephan Haeringer and Marco Suter returned 33 million francs to the bank, one of the worst hit by the financial crisis.

'A total of approximately 70 million francs (US$58.28 million dollars) in bonuses has been repaid by executives who have left the bank,' Mr Kurer told shareholders during an extra-ordinary general meeting here.

'Once again, UBS is a leader in this regard, as no other bank has seen so many former top managers agree to forego so much,' he added.

A public furore over the executives' bonuses ensued after UBS was forced to turn to the state for a massive rescue package worth almost US$60 billion following its losses in the financial crisis.

Mr Ospel in particular, has been the whipping boy, with tabloid newspaper Blick even running a campaign to get him to repay his bonuses to the bank.

Earlier this month, Peter Wuffli, the former head of UBS' executive board, took the lead in waiving 12 million francs to which he was entitled.

His action was followed by Mr Ospel and the other two board members.

Other former senior executives have also waived 22 million francs in salaries and bonuses, added the bank, without specifying names.