Société Générale’s Hong Kong arm will repay more than US$11m to wealthy clients after the local regulator reprimanded the bank for “excessive” undisclosed charges.
The Securities and Futures Commission, Hong Kong’s markets regulator, said that between 2003 and 2006, clients of the French bank paid or received a different price from that transacted for them by the lender, with the difference being retained as a fee.
The SFC believes the settlement is an important matter of principle over the integrity of banks’ operations in private over-the-counter markets where prices are not readily available to ordinary investors.
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