UBS says has taken steps to incorporate HKMA recommendations

HONG KONG, March 14 Fri Mar 14, 2014 5:28am EDT

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HONG KONG, March 14 (Reuters) - Swiss bank UBS said on Friday it has taken the appropriate steps to incorporate the Hong Kong Monetary Authority's suggested improvements to its operations.

UBS issued the statement after the HKMA said it has found material weaknesses in the Swiss bank's internal controls and governance in the submission process, following a probe into Hong Kong Interbank Offered Rate (Hibor) fixing.

"We are pleased that the investigation of the HKMA returned the same results as our own internal investigation - no collusion among banks and no noticeable impact on the fixing of Hibor from any conduct occurring during the period in question," UBS said in the statement.

UBS also said it has not been part of the fixing panel for the Hibor since 2010.

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