ZURICH (Reuters) - UBS isn’t currently in settlement talks with authorities to end allegations it manipulated key interest rates, the Swiss bank’s chairman says in a newspaper interview.
“UBS was the first bank to go to the authorities when we had grounds for suspicion in 2010. As a result, we received conditional immunity, meaning we are a key witness,” Axel Weber says in Friday’s edition of German daily Handelsblatt.
In June, British bank Barclays agreed to pay U.S. and British authorities $453 million to settle allegations it manipulated key interest rates, and a number of other banks are expected to follow suit.
A handful of banks including UBS, JPMorgan Chase & Co, Deutsche Bank AG and Barclays Plc were subpoenaed recently in a joint New York-Connecticut investigation into possible Libor rigging, according to a person familiar with the probe.
Reporting By Katharina Bart; editing by Carol Bishopric