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Swiss Bank Faces Suspension From Work on Hong Kong IPOs

Employees pass between offices at the UBS headquarters in Zurich, Switzerland on Jan. 22. Photo: VCG
Employees pass between offices at the UBS headquarters in Zurich, Switzerland on Jan. 22. Photo: VCG
The Hong Kong authorities have decided to fine the brokerage arm of Swiss bank UBS Group HK$119 million ($15.18 million) and suspend the company from sponsoring an initial public offering (IPO) in the city for 18 months.

The penalty is the latest result of an ongoing investigation by Hong Kong’s securities regulator into banks that sponsor IPOs there.

The Hong Kong Securities and Futures Commission (SFC) has been “conducting investigations into UBS’s role as an sponsor on certain IPOs listed on the Hong Kong Stock Exchange,” the bank said in its 2017 annual report, dated Friday.

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