HONG KONG - UBS Group AG and Standard Chartered PLC have agreed to settle a case of alleged misconduct related to a 2009 IPO in Hong Kong, in a move expected to end uncertainty about the Swiss bank’s ability to lead stock listings in the city.
StanChart and UBS banker Cen Tian were scheduled to also appeal against disciplinary action by the Securities and Futures Commission over alleged misconduct during the listing of a now defunct Chinese timber company, which the two banks led. “The settlement is good news for UBS, as at least now it knows what its capabilities are,” said Benjamin Quinlan, CEO of consultancy Quinlan & Associates.
UBS and Standard Chartered in Hong Kong declined to comment on news of the settlement. An SFC spokesman said the regulator had nothing more to add. In October, the SFC said it had issued nine IPO sponsors with “decision notices” informing them of intended enforcement measures.
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