Breaking News
Get Actionable Insights with InvestingPro+: Start 7 Day FREE Trial Register here
Investing Pro 0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Brazil's antitrust body settles case with Citibank, Société Générale related to currency manipulation probe

Stock Markets Jun 27, 2022 19:45
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. The logo for Citibank is seen on the trading floor at the New York Stock Exchange (NYSE) in Manhattan, New York City, U.S., August 3, 2021. REUTERS/Andrew Kelly

SAO PAULO (Reuters) - (This June 22 story corrects headline and first paragraph to show that the payment is a settlement between the banks and Brazil's watchdog, not a fine; adds Citibank statement that it has not been found or admitted to any wrong doing)

Brazil's antitrust watchdog said on Wednesday it reached an agreement with the Brazilian units of Citibank and Société Générale (EPA:SOGN) to settle a case related to an exchange rate manipulation investigation dated almost a decade ago.

Citibank has committed to pay 71.6 million reais ($13.78 million) and Société will pay 5.57 million reais ($1.07 million), the watchdog Cade said.

Cade said there was evidence dating back to 2016 of the banks price fixing their currency spreads, and coordinating the purchase and sale of currencies involving the Brazilian real.

Citigroup (NYSE:C) said in a statement that the settlement is not a fine and the bank has not been found or admitted to any wrong doing. It added that the settlement shall not, according to law, be mistaken with any ruling or merits of the case.

($1 = 5.1945 reais)

Brazil's antitrust body settles case with Citibank, Société Générale related to currency manipulation probe
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email