Latest news for Standard Bank Group (OTC:SBGOF) Stock

Standard Bank Group Ltd provides banking and other financial services. Its operating model is client-led and structured around its business units which are Personal & Private Banking (PPB), Business and Commercial Banking (BCB), Corporate and Investment Banking (CIB), and Insurance & Asset Management (IAM). It offers credit cards, mortgages, vehicle loans, insurance, and other lending and transactional products. The company generates nearly all its income in Africa.

News

Futures

Commodities

Legal

Markets

HSBC

SBGOF

SCGLY

Report: 10 Big Banks In Antitrust Probe On Precious Metals

STANDARD BANK GROUP ORD by Standard Bank Group Ltd.

Standard Bank Group Ltd

Standard Bank Group

At least 10 major banks are under investigation for allegedly illegal price-fixing of precious metals, according to multiple reports.

	The probe is reportedly related to a <a href="http://www.sec.gov/Archives/edgar/data/1089113/000119163815000217/hsba201502236k.htm">disclosure</a>&nbsp;Monday by HSBC Holdings plc (NYSE: <a class="ticker" href="/stock/hsbc#NYSE">HSBC</a>) that U.S. prosecutors are conducting a criminal antitrust investigation concerning precious metals and had requested documents from the bank in November.

	HSBC also said Monday that it received a subpoena last month from the U.S. Commodities Futures Trading Commission related to the company&#39;s U.S. precious metals trading operations.

	HSBC said it is cooperating in the investigation which it said is at an &quot;early stage.&quot;

	Other banks reportedly targeted by the probe include Bank of Nova Scotia (NYSE: <a class="ticker" href="/stock/bns#NYSE">BNS</a>), Barclays PLC (NYSE: <a class="ticker" href="/stock/bcs#NYSE">BCS</a>), Credit Suisse Group AG (NYSE: <a class="ticker" href="/stock/cs#NYSE">CS</a>), Deutsche Bank AG (NYSE: <a class="ticker" href="/stock/db#NYSE">DB</a>), Goldman Sachs Group Inc. (NYSE: <a class="ticker" href="/stock/gs#NYSE">GS</a>), JPMorgan Chase &amp; Co. (NYSE: <a class="ticker" href="/stock/jpm#NYSE">JPM</a>), Societe Generale SA (OTC: <a class="ticker" href="/stock/scgly#OTC">SCGLY</a>), Standard Bank (OTC: <a class="ticker" href="/stock/sbgof#OTC">SBGOF</a>) and UBS Group AG (NYSE: <a class="ticker" href="/stock/ubs#NYSE">UBS</a>).

	Research published last year by New York University&#39;s Stern School of Business Professor Rosa Abrantes-Metz suggested collusion in setting gold prices.

	Metz&#39;s similar 2008 paper on the London interbank offered rate eventually led to a number of banks including Barclays and UBS, to be fined about <a href="http://business.financialpost.com/2014/02/28/london-gold-fix-study-indicates-decade-of-bank-manipulation/">$6 billion in total</a>, according to Bloomberg.

Comments

Standard Bank Group

News

Latest news for Standard Bank Group (OTC:SBGOF) Stock

Tuesday, February 24, 2015

Popular Channels

Tools & Features

Partners & Contributors

About Benzinga