ANZ & NAB Bank to Pay $100 Million to Settle Reference Rate Rigging Case
Australia & New Zealand Bank Group (ANZ) and National Australia Bank (NAB) will pay a combined $100 million ($50m each) for market manipulation – rigging of Australia’s Bank Bill Swap Reference Rate (BBSW) between 2010 and 2012. The BBSW is a key benchmark interest rate in the Australia economy.
“ANZ, NAB Bank Agree to Pay $100 Million to Settle Swap Rate-Rigging Case”
ANZ was accused of 44 breaches while NAB was accused of 50 breaches. The $100 million settlement was reached and approved by the Australian court. The case was brought by the Australian Securities and Investments Commission (ASIC).
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.
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.
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