UBS to pay $1.9b fine for alleged Libor interest rate manipulation
ZURICH (AFP) - Swiss banking giant UBS has agreed to pay around 1.4 billion Swiss francs (S$1.9 billion) to British, US and Swiss regulators to settle allegations it manipulated Libor interest rates, it said in a statement on Wednesday.
Switzerland's largest bank will pay three times more the amount of the settlement reached in June with Britain's Barclays, another one of the more than dozen banks investigated for trying to rig gloval interest rates.
As part of the one of the biggest fines ever slapped on a financial institution, the Swiss bank said it had agreed to pay 160 million pounds (S$317 million) in fines to the UK Financial Services Authority.
It will pay 59 million Swiss francs as disgorgement of estimated profits to the Swiss Financial Market Supervisory Authority.