UBS, StanChart settle HK IPO misconduct case

Making an appeal: A UBS advertisement is displayed on top of a commercial building in Hong Kong. The Swiss bank is expected to appeal an unprecedented 18-month ban on sponsoring IPOs in the Asian financial hub. — Reuters,

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.

While StanChart closed its equity business in 2015, UBS was expected to appeal an unprecedented 18-month ban on sponsoring initial public offerings (IPOs) in the Asian financial hub, which was imposed, sources say, because of its role in the listing of a firm that subsequently collapsed.