UBS's Asia investment banking business is facing a massive blow after Hong Kong's securities regulator slapped it with an 18-month ban on sponsoring initial public offerings in the city.
In perhaps its harshest penalty ever on a bulge-bracket investment bank, Hong Kong's Securities and Futures Commission SFC will also impose a fine of HK$119 million $15.2 million against UBS for its role as a sponsor of certain initial public offerings listed on...