{"id":1365,"date":"2013-12-28T18:15:53","date_gmt":"2013-12-28T18:15:53","guid":{"rendered":"https:\/\/www.stockbrokerfraudblog.com\/2013\/12\/ubs_bank_usa_no_longer_to_offe"},"modified":"2022-03-11T08:55:01","modified_gmt":"2022-03-11T14:55:01","slug":"ubs-bank-usa-no-longer-to-offe","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/ubs-bank-usa-no-longer-to-offe\/","title":{"rendered":"UBS Bank USA No Longer to Offer Loans Collateralized with Puerto Rico Securities"},"content":{"rendered":"

\t\t\t\tUBS Bank USA, the Utah affiliate of UBS AG<\/a> (UBS), will no longer be granting or offering loans collateralized by Puerto Rico securities. According to the media outlet El Nuevo Dia<\/em>, UBS Bank USA has agreed to sell approximately $562 million in loans made to Puerto Rican investors to another UBS AG affiliate, UBS Financial Services of Puerto Rico <\/a>(UBS PR). Additionally, UBS Bank USA has agreed to no longer offer loans to Puerto Rican residents. <\/p>\n

As reported, UBS Bank USA signed an agreement with the Office of the Commissioner of Financial Institutions after an investigation was opened concerning the ability of UBS Bank USA to have issued such loans. Per the agreement, the loans transfer was to be completed by around December 20, while the new lending ban in Puerto Rico would go into effect after that date.<\/p>\n

Thousands of investors have lost some if not all of their assets in the wake of the drop in value of Puerto Rico bonds and closed-end bond funds that invested in Puerto Rico bonds. This spurred UBS to liquidate millions of dollars from investors because the values guaranteed borrowings with UBS Bank USA. (UBS Bank USA had previously told El Nuevo Dia<\/em> that it did not have to be licensed in Puerto Rico to lend there.)<\/p>\n

Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"

UBS Bank USA, the Utah affiliate of UBS AG (UBS), will no longer be granting or offering loans collateralized by Puerto Rico securities. According to the media outlet El Nuevo Dia, UBS Bank USA has agreed to sell approximately $562 million in loans made to Puerto Rican investors to another UBS AG affiliate, UBS Financial […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3922,4039],"tags":[],"class_list":["post-1365","post","type-post","status-publish","format-standard","hentry","category-municipal-bonds","category-puerto-rico-bond-funds"],"yoast_head":"\nUBS Bank USA No Longer to Offer Loans Collateralized with Puerto Rico Securities — Investor Lawyers Blog — December 28, 2013<\/title>\n<meta name=\"description\" content=\"UBS Bank USA, the Utah affiliate of UBS AG (UBS), will no longer be granting or offering loans collateralized by Puerto Rico securities. 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