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