HONG KONG, March 14 (Reuters) - A probe into Hong KongInterbank Offered Rate (Hibor) fixing has found materialweakness in Swiss bank UBS's internal controls andgovernance in the submission process, the Hong Kong MonetaryAuthority (HKMA) said on Friday.
The probe also found that UBS failed to report its staff'smisconduct to the HKMA, which the regulator said wasunacceptable. However, the investigation did not find anyevidence of collusion between banks to rig benchmark lendingrates.
The city's de facto central bank launched a probe inDecember on possible misconduct relating to its submissions forthe Hibor. The investigation was extended to include HSBC and a number of other banks in June 2013.
HSBC Holdings (HSBA)
