Standard Chartered has warned that the Hong Kong regulator plans to take action that could have “financial consequences” for the emerging markets bank because of its role as a sponsor of an initial public offering in 2009.
The warning from StanChart comes days after Switzerland’s UBS said it could face a temporary ban in Hong Kong from providing corporate finance services because of an investigation into its role as an IPO sponsor there.
Both probes are looking at the 2009 float of China Forestry Holdings, the only IPO to be co-sponsored by both banks that year, according to a person briefed on the regulator’s action.
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