US, UK fine UBS $388 mn over Credit Suisse's Archegos failings

July 24, 2023 / 9:35 PM

Sharjah 24 – Reuters: UBS UBSG.S has been ordered to pay $388 million to British and US regulators over Credit Suisse's dealings with private investment firm Archegos Capital Management, the Swiss bank said on Monday.

The settlement is the first of several that UBS could have to pay after it last month closed its takeover of Credit Suisse, inheriting the collapsed bank's legal battles.

Under the agreement, UBS said Credit Suisse, now a subsidiary of the bank, has agreed to pay the U.S. Federal Reserve $269 million.

It will also pay the Bank of England 87 million pounds ($119 million), bringing the total payments to $388 million.