UBS pays millions of buses in Hong Kong

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Because of excessive fees, UBS has to pay millions in Hong Kong – as much as a big bank before it.

UBS has already warned its latest quarterly report that authorities in Hong Kong and Singapore have opened an investigation against the bank. The suspicion of the investigators: UBS between 2008 and 2015 is said to have cut off too high fees for Asian customers in transactions in the bond market.

Serious failure

Hong Kong is now presenting the bill to the Swiss institute. According to the Reuters agency, UBS has to pay 400 million Hong Kong dollars, the equivalent of around 51 million dollars. The Hong Kong regulator believes that the bank has overcharged up to 5,000 customers for nearly a decade.

According to the authorities, the internal control mechanisms at the bank had failed to a large extent in the case. In addition, UBS agreed to pay the customer damages totaling approximately $ 25 million.

Locked out of initial public offerings

The fine is the highest amount a bank has ever had to pay in Hong Kong. In 2017, the Anglo-Chinese bank HSBC was also bailed for selling Lehman Brothers papers with 400 million Hong Kong dollars.

It also set the second penalty for UBS this year. For example, the bank had to announce in spring that the regulator in Hong Kong imposed a fine of 47 million francs on her and shut her out of future IPO deals for one year.



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https://www.finews.ch/news/banken/38782-ubs-honkong-busse-gebuehren

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