Reuters - Business as usual at UBS

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UBS has told staff that it is “business as normal”, after the Swiss bank revealed on Friday it is fighting an 18-month suspension in Hong Kong from leading initial public offerings (IPOs).

In an internal memo sent by Andrea Orcel and David Chin, global and Asia-Pacific heads of UBS’s investment bank, respectively, and seen by Reuters, the bank told staff that until its appeal was heard “we are business as normal” and that it could still sponsor IPOs.

UBS disclosed the suspension by Hong Kong’s securities regulator, the Securities and Futures Commission (SFC), in its annual report released on Friday, and added it planned to appeal the decision as well as a HK$119 million ($15.18 million) fine handed out to it.

Hit the link beloe to access the complete Reuters article:

UBS sees 'business as normal' as it contests Hong Kong suspension

Hong Kong suspends UBS as IPO sponsor for 18 months

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