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UBS, authorities looking into client overcharges in Singapore and Hong Kong
[ZURICH] UBS is working with relevant authorities to address inappropriate spreads it may have charged wealthy clients whose money was booked in Hong Kong and Singapore in debt securities transactions, it said in its third-quarter report on Tuesday.
"UBS intends to reimburse affected customers on a basis agreed with the relevant authorities. UBS expects the relevant authorities will subject UBS to reprimands and fines as a result of their investigations," it said, noting that it had identified and reported the instances related to transactions between 2008 and 2015.