“Resolving these issues from the past is a top priority for me,” Weber said in a prepared speech to be delivered at the bank’s annual shareholder meeting in Basel today. “We were also able to resolve the Libor issue quickly and decisively in cooperation with regulators. We have the same proactive attitude for the procedure that is currently underway.”
UBS is poised to receive immunity from European Union currency-rigging fines after it was the first to approach regulators in the probe, a person with knowledge of the case said last month. UBS, which avoided a 2.5 billion-euro ($3.45 billion) penalty in the EU’s Libor probe, was again first to cooperate in the currency investigation, said the person, who declined to be identified because the process is confidential.
UBS, the largest Swiss bank, has said it’s cooperating with the authorities investigating the alleged foreign currency manipulation. The bank’s internal investigation of the matters is continuing, Zurich-based UBS said in its first-quarter report yesterday.
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