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

© Reuters. The logo for Citibank is seen on the trading floor at the New York Stock Exchange (NYSE) in Manhattan, New York City, US, August 3, 2021. REUTERS / Andrew Kelly

SAO PAULO (Reuters) – (This June 22 story corrects headline and first paragraph to show that payment is a settlement between 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 🙂 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 🙂 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)

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