Credit Agricole and an HSBC Holdings unit were fined a combined 6.5 million Swiss francs (US$7.2 million) by Swiss regulators over the rigging of a key benchmark interest rate, reported Bloomberg Law.
Credit Agricole was fined 4.5 million francs and HSBC’s French unit was fined close to 2 million francs, the Swiss Competition Commission announced in a statement Tuesday, October 27. The penalties are part of an “accord amiable” that will see the banks face no further action.
The two are the latest in a series of global lenders including Barclays, Deutsche Bank, Royal Bank of Scotland, and Société Générale to be sanctioned by Swiss officials in a more than four-year investigation. Comco generally reaches so-called amicable settlements in cases, though its rulings can still be challenged at Switzerland’s highest court.
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