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UBS Group AG (NYSE:UBS) might face significant penalties for Credit Suisse's mishandling of Archegos Capital following the completion of the acquisition last week.
UBS faces hundreds of millions of dollars in penalties over Credit Suisse's mishandling of Archegos Capital after Swiss, U.S., and U.K. regulators completed their investigations into the affair, reported Financial Times, citing people familiar with the matter.
The bank urged Switzerland's Finma, the U.S. Federal Reserve, and the U.K.'s Prudential Regulation Authority to publish their conclusions and announce any fines together at the end of July, mentioned the sources.
Related: UBS Gets Help From Swiss Government To Cover CS Takeover-Related Losses
The Fed's fine may be up to $300 million, while the PRA's penalty might be up to £100 million, though both could be reduced as part of the ongoing settlement talks, the report stated.
Also Read: Credit Suisse Looking To Sell Its China Securities Brokerage Business Due To UBS Takeover: Report
Finma plans to publish its report into the bank's failings over Archegos, the report added.
Price Action: UBS shares are trading lower by 0.44% at $20.32 premarket on Tuesday.
