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"Our complaint against UBS reads like a how-to primer for bid-rigging and securities fraud." 
Elaine Greenberg, chief of the US SEC's municipal securities and public pensions unit, after UBS agreed to pay $160m to settle charges that it rigged bids on at least 100 municipal bond reinvestment transactions in 36 states. 


The following are notes from our Monday morning meeting.

HSBC CEO Stuart Gulliver is expected on Wednesday to reveal plans to further reduce businesses in the US and put a greater focus on Asia.

Los Angeles is suing Deutsche Bank, claiming it acts like a “slum lord” that illegally evicts tenants from foreclosed properties, and allows dozens of them in low-income areas to deteriorate.

Nigeria's anti-corruption agency arrested the former CEOs of Intercontinental Bank, Afribank, Union Bank and Finbank for money laundering.

Oman's president Sultan Qaboos bin Said approved banks to run Sharia-compliant operations, the last state in the six-member Gulf Cooperation Council to do so.

South Korean prosecutors believe that North Korea was behind a cyber attack on agricultural cooperative Nonghyup that disrupted its ATMs and internet banking for over a week.

China Minsheng Bank got approval to set up three rural banks; nearly 3,000 Chinese towns have no banking outlets, while 750 have no financial services whatsoever.

The just-opened Cambodia branch of Bank of China is also the first from a mainland lender there.

Singaporeans elected as MPs Foo Mee Har, global head of premium banking at StanChart, and Heng Swee Keat, former head of the central bank, in Saturday’s general election.

Sri Lanka’s Hatton National Bank is raising $108.5 million in a rights issue to strengthen capital and balance sheet figures, and possibly to acquire a stake in a large local insurance business.

A computer glitch at Westpac downed ATMs, online banking and retail terminals, leaving ANZ as the only large Australian bank that has not suffered system outages in the past six months.