UBS Taking Proactive Approach on Regulatory Probe, Weber Says

UBS AG (UBSN), under investigation along with other banks for alleged manipulation of currency markets, is taking a “proactive” approach toward resolving regulatory probes, Chairman Axel Weber said.

“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.

To contact the reporters on this story: Elena Logutenkova in Zurich at elogutenkova@bloomberg.net; Jeffrey Vögeli in Zurich at jvogeli@bloomberg.net

To contact the editors responsible for this story: Frank Connelly at fconnelly@bloomberg.net Steve Bailey

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