© Reuters. FILE PHOTO: The logo of Swiss bank UBS is visible at the company’s office on Bahnhofstrasse in Zurich in this file photo July 1, 2009. Photo: Arend Wegmann/Reuters
ZURICH (Reuters) – The Swiss bank said on Monday that UBS had been ordered to pay $388 million to British and US regulators over Credit Suisse’s dealings with private equity firm Archegos Capital Management.
The settlement is the first of several UBS may have to pay after last month finalizing its acquisition of Credit Suisse, which has been embroiled in a number of legal battles.
Under the agreement, UBS will pay the US Federal Reserve $268.5 million and the UK Prudential Regulatory Authority £87 million ($111.6 million).
Previous reports had indicated that the US regulator would impose a fine of up to $300m and that the British regulator would fine UBS up to £100m for the bank’s dealings with Archegos.
FINMA, the Swiss regulator, does not have the power to fine financial institutions.
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