UBS said on Tuesday it is pulling out of a panel that sets money market benchmark Euribor.

"We have decided to withdraw from the Euribor panel and to focus on our core funding markets Swiss Franc and U.S. dollar," a UBS spokesman said, adding the decision comes after an October decision to shut down vast parts of its investment bank.

The Swiss bank paid a $1.5 billion fine in December over its role in a global scheme to manipulate rates.

UBS, which also exited an Australian rates panel earlier this month, follows Rabobank in exiting Euribor.

(Reporting By Katharina Bart)