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Indian Regulator Ends UBS Bid to Buy Standard Chartered Unit
By Brian Orsak
printCorrection Appended UBS AG ended its bid to buy an India-based mutual fund company from British bank Standard Chartered due to regulatory trouble with the Reserve Bank of India. Zurich, Switzerland-based UBS worked out a purchase agreement with Standard Chartered in January 2007, but said on December 28 that it won't pursue the deal after the agreement lapses this month. A UBS spokesman acknowledged Thursday that the Indian regulator scotched the deal because of concerns about UBS's compliance program. The sticking point for India's central bank was a disagreement over alleged money laundering through the Swiss bank by Indian stud...
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