UBS Pays $388-M For Credit Suisse's Archegos Bust

UBS has been ordered to pay $388 million to British and US regulators over Credit Suisse's dealings with private investment firm Archegos Capital Management, the Swiss bank said, Noelle Illien and John Revill reported for Reuters.

Photo Insert: The settlement is the first of several that UBS could have to pay after it last month closed its takeover of Credit Suisse.

The settlement is the first of several that UBS could have to pay after it last month closed its takeover of Credit Suisse, inheriting the collapsed bank's legal battles. Under the agreement, UBS said Credit Suisse, now a subsidiary of the bank, has agreed to pay the US Federal Reserve $269 million.

It will also pay the Bank of England 87 million pounds ($119 million), bringing the total payments to $388 million.

Reports ahead of time had suggested the US regulator would impose a penalty of up to $300 million and the UK regulator would fine UBS up to 100 million pounds over the bank's dealings with Archegos.

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