© Reuters. FILE PHOTO: The brand of Swiss financial institution UBS is seen on the firm’s workplace on the Bahnhofstrasse in Zurich on this July 1, 2009 file photograph. REUTERS/Arnd Wiegmann/File Photograph
ZURICH (Reuters) – UBS has been ordered to pay $388 million to British and U.S. regulators over Credit score Suisse’s dealings with non-public funding agency Archegos Capital Administration, the Swiss financial institution mentioned on Monday.
The settlement is the primary of a number of that UBS may must pay after it final month closed its takeover of Credit score Suisse, which was concerned in a variety of authorized battles.
Beneath the settlement, UBS is to pay the U.S. Federal Reserve $268.5 million and the UK’s Prudential Regulation Authority 87 million kilos ($111.6 million).
Stories forward of time had urged the U.S. regulator would impose a penalty of as much as $300 million and the UK regulator would high-quality UBS as much as 100 million kilos over the financial institution’s dealings with Archegos.
Switzerland’s regulator FINMA doesn’t have the ability to high-quality monetary establishments.
($1 = 0.7797 kilos)
