ZURICH (Reuters) – UBS has been ordered to pay $388 million to British and US regulators over Credit Suisse’s deal with private investment firm Arcagos Capital Management, the Swiss bank said on Monday.

The settlement is the first of many that UBS may have to pay after closing last month’s acquisition of Credit Suisse, which was embroiled in several legal battles.

Under the settlement, UBS is to pay $268.5 million to the US Federal Reserve and £87 million ($111.6 million) to the UK’s Prudential Regulation Authority.

Premature reports suggested US regulators would impose fines of up to $300 million and UK regulators up to £100 million on UBS over the bank’s transactions with ArcGos.

Switzerland’s regulator FINMA does not have the power to impose fines on financial institutions.

($1 = 0.7797 pounds)