C Suisse Said In Joint Venture, UBS Says Probed Over Possible Rate Manipulation

Bloomberg reports that the unit will be based in Doha and focus on Middle East and North African investments, according to one of the people, who asked not to be named and declined to give more details on the venture, citing the sensitivity of the talks. The venture may be announced this year after 12 months of negotiations between Zurich-based Credit Suisse and Qatar, two people said. It will also solicit third-party funds, according to one of the people.

Finally, Reuters reports that UBS is under investigation in Singapore along with other banks for possible manipulation of Libor and other benchmark rates, the Swiss bank said on Tuesday.

In notes to its third quarter earnings report, UBS said that the Monetary Authority of Singapore (MAS), as well as authorities in the United Kingdom, United States and Switzerland, are conducting investigations into whether it and other banks tried to manipulate rates.

Credit Suisse Said to Start Venture With Qatar

UBS says under investigation in Singapore over possible rate manipulation

image: © Lisamarie Babik