UBS has said that the France's banking regulator has fined the bank’s unit in that country $13.1m and reprimanded it for insufficiencies in controls and compliance with French clients.
Bloomberg News reports that UBS and its French unit are under a formal investigation by Paris prosecutors as France steps up efforts to combat tax evasion.
'We disagree with many of the disciplinary commission’s conclusions', the bank said in an e-mailed statement Wednesday, adding that it will consider whether to appeal the decision. 'UBS does not tolerate any activities intended to help its clients circumvent their tax obligations'.
In the meantime, Reuters reports that China's securities regulator has granted licences to HSBC and Citigroup allowing the two banks to distribute mutual funds and expand their services in the world's second-biggest economy, the two banks said on Wednesday.
China revised rules in 2011 to allow foreign banks to distribute mutual funds, allowing them to compete with local banks in this area.
UBS Unit Fined EU10 Million, Reprimanded by French Regulator
HSBC, Citi allowed to distribute mutual funds in China