Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

4-Traders Homepage  >  Equities  >  Johannesburg Stock Exchange  >  Standard Bank Group Ltd    SBKJ   ZAE000109815

SummaryChartsNewsAnalysisCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsSector newsTweets 
The feature you requested does not exist. However, we suggest the following feature:

South Africa's Barclays Africa CEO 'deeply regrets' role in FX rigging

share with twitter share with LinkedIn share with facebook
share via e-mail
0
02/23/2017 | 01:53pm CET
Customers queue to draw money from an ATM outside a branch of South Africa's Standard Bank in Cape Town

South African lender Barclays Africa asked for forgiveness on Thursday for its role in rigging the local currency, a scandal that has raised questions over the dominance of four big local banks.

"We deeply regret that this conduct took place within our organisation," Chief Executive Maria Ramos said. "Those who are found to have contravened our rules and conduct will in due course be held accountable."

South Africa's Competition Commission said last week that it had found more than a dozen local and foreign banks had colluded to coordinate trading in the rand and the U.S dollar using an instant chat room called ZAR Domination, a reference to the rand's official currency market code.

It recommended fines amounting to 10 percent of the banks' South African revenues in a scandal that has also piled political pressure on the four banks, which have around 90 percent of the national banking market.

The Commission began its investigation in April 2015, joining an international probe into the manipulation of foreign exchange rates that has led to big banks paying more that $10 billion (8 billion pounds) in settlements.

Barclays Africa, a regional unit of Britain's Barclays Plc, has already been granted conditional immunity from prosecution in return for supplying information that would lead to the successful prosecution of the other cartel members.

Local lender Standard Bank, which is also among the 17 named in the investigation, said on Thursday it is in talks with the watchdog and has not so far suspended any employees.

"Pending the outcome of these engagements and in the light of these historic allegations only having been brought to Standard Bank's attention on Feb. 15, no suspension of current employees of Standard Bank has taken place," it said in a statement.

The local arm of Citigroup (>> Citigroup Inc) agreed to pay a reduced $5 million penalty for cooperating in the investigation while Investec (>> Investec Ltd) has said it will seek further information from the regulator to continue to co-operate.

Finance Minister Pravin Gordhan said in his budget speech on Wednesday that the government would crack down on anti-competitive behaviour with new regulation.

The scandal has weakened the share prices of South Africa's listed banks. The sector index <.JBANK> dropped by about 1 percent by mid-session on Thursday.

Former Citigroup foreign exchange dealer Christopher Cummins and Jason Katz, who worked at Barclays and later BNP Paribas SA, pleaded guilty in the United States to conspiring to fix currency prices last month.

Both, along with others, are named in the South African regulator's report on its investigation that has been referred to the Competition Tribunal, which holds hearings on antitrust matters before giving a ruling.

(Reporting by TJ Strydom and Tiisetso Motsoeneng; Writing by James Macharia; Editing by David Goodman/Ruth Pitchford)

share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on STANDARD BANK GROUP LTD
02/23 South Africa's Barclays Africa CEO 'deeply regrets' role in FX rigging
02/21 Interest rates drops marginally—BOG report
02/21 South Africa grants Barclays Africa immunity in FX rigging probe
02/21 STANBIC BANK UGANDA : launches 2017 national schools championship
02/20 Kasekende to head Standard Chartered Bank in Zambia
02/18 Stanbic Bank Supports Dzorwulu Special School
02/14 STANBIC BANK UGANDA : 8 Perish In Gory Crash
02/13 STANBIC BANK UGANDA : Committed to the Financial Wellbeing of Customers
02/09 WILDERNESS : Bowmans facilitates US$30 million African financing deal
02/03 STANDARD BANK : Kampala to get Shs180b shopping mall
More news
Sector news : Commercial Banks
01:38a CITIGROUP : Citi says U.S. regulators are investigating its hiring practices
12:20aDJCITIGROUP : Confirms Investigations Over 'Princelings' Hiring Practices
02/24DJIntesa Sanpaolo Won't Make Takeover Bid for Assicurazioni Generali
02/24 Sweden drops plans for bank tax, proposes higher resolution fund fee
02/24 Italian financial mega-deal off as Intesa ditches Generali plan
More sector news : Commercial Banks
News from SeekingAlpha
2016 Buy South-African Banks For Their Dividend Yield
2015 Old Mutual CEO announces departure
2015 Big banks face U.S. probe over metal pricing
Advertisement
Financials ( ZAR)
Sales 2016 107 148 M
EBIT 2016 41 892 M
Net income 2016 23 835 M
Debt 2016 -
Yield 2016 5,01%
P/E ratio 2016 9,99
P/E ratio 2017 9,25
Capi. / Sales 2016 2,23x
Capi. / Sales 2017 2,10x
Capitalization 238 797 M
More Financials
Chart STANDARD BANK GROUP LTD
Duration : Period :
Standard Bank Group Ltd Technical Analysis Chart | SBKJ | ZAE000109815 | 4-Traders
Full-screen chart
Technical analysis trends STANDARD BANK GRO...
Short TermMid-TermLong Term
TrendsNeutralNeutralBullish
Technical analysis
Income Statement Evolution
More Financials
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 11
Average target price 146  ZAR
Spread / Average Target 0,96%
Consensus details
EPS Revisions
More Estimates Revisions
Managers
NameTitle
Simpiwe Kenneth Tshabalala Group Co-CEO & Executive Director
Ben J. Kruger Group Co-CEO & Executive Director
Thulani Sikhulu Gcabashe Chairman
Arno Daehnke Group Financial Director & Executive Director
Myles J. D. Ruck Independent Non-Executive Director
More about the company
Sector and Competitors
1st jan.Capitalization (M$)
STANDARD BANK GROUP LT..-5.08%18 538
HSBC HOLDINGS PLC7.70%161 449
AGRICULTURAL BANK OF C..5.81%154 771
AUSTRALIA AND NEW ZEAL..2.47%70 613
JAPAN POST BANK CO LTD1.78%57 199
SHANGHAI PUDONG DEVELO..2.96%52 528
More Results