HK regulator finds weakness in UBS internal controls in Hibor case

HONG KONG, March 14 Fri Mar 14, 2014 4:56am EDT

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HONG KONG, March 14 (Reuters) - A probe into Hong Kong Interbank Offered Rate (Hibor) fixing has found material weakness in Swiss bank UBS's internal controls and governance in the submission process, the Hong Kong Monetary Authority (HKMA) said on Friday.

The probe also found that UBS failed to report its staff's misconduct to the HKMA, which the regulator said was unacceptable. However, the investigation did not find any evidence of collusion between banks to rig benchmark lending rates.

The city's de facto central bank launched a probe in December on possible misconduct relating to its submissions for the Hibor. The investigation was extended to include HSBC and a number of other banks in June 2013.

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