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UBS to reimburse wealth clients in Hong Kong, Singapore it may have overcharged

UBS Group AG said it plans to reimburse wealth management clients in Hong Kong and Singapore it may have overcharged.

The Swiss bank said in its third-quarter earnings results it had identified and reported to relevant authorities instances in which some global wealth management clients in Hong Kong and Singapore were charged "inappropriate spreads" on debt securities between 2008 and 2015.

UBS expects reprimands and fines imposed by relevant authorities.