Financial, Global, Global Banking, News

NAB Taken to Court Over Rate Fixing Case

NAB Taken to Court Over Rate Fixing Case

Australia’s securities regulator said it has started civil legal proceedings against National Australia Bank Ltd. for allegedly manipulating the nation’s benchmark swap rate, the third such action against a domestic lender in a more than a three-year investigation.

“Australia’s securities regulator said it has started civil legal proceedings against National Australia Bank Ltd. for allegedly manipulating the nation’s benchmark swap rate.”

~ Bloomberg

The regulator, which has been investigating the setting of the swap rate since mid 2012, has already lodged similar actions against Australia & New Zealand Banking Group Ltd. and Westpac Banking Corp.

Related Reports: Bloomberg, The Australian Business Review

 

About National Australia Bank

National Australia Bank Group (the Group) is a financial services organisation with over 12,700,000 customers and 42,000 people, operating more than 1,700 stores and business banking centres globally.  Our major financial services franchises in Australia are complemented by businesses in New Zealand, Asia, and the United Kingdom. Each of our brands is uniquely positioned, but built on a common commitment to provide our customers with quality products and services, fair fees and charges, and relationships built on the principles of help, guidance and advice.

Visit: National Australia Bank 

 

About Westpac Bank

Westpac has 5 customer facing divisions serving around 13 million customers.  The operating structure aligns Westpac’s business with key customer segments. Under this structure, the Group retains a unique portfolio of brands including Westpac, St.George, Bank of Melbourne, BankSA and RAMS.  These brands operate under the Consumer Bank and Commercial and Business Bank divisions.

Visit: Westpac Bank

 

About Australia & New Zealand Banking Corp

Our history dates back over 180 years. We are committed to building lasting partnerships with our customers, shareholders and communities in 34 countries in Australia, New Zealand, throughout Asia and the Pacific, and in the Middle East, Europe and America. We provide a range of banking and financial products and services to over 9 million customers. We employ over 50,000 people worldwide.

Visit: Australia & New Zealand Banking Corp


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