Citigroup Inc. (C), the third-biggest U.S. bank by assets, received requests for information from the Monetary Authority of Singapore related to probes into the rigging of benchmarks used to set interbank loan rates.
“Certain Citigroup subsidiaries have received additional requests for information and documents from various domestic and overseas regulators and enforcement agencies, including the Monetary Authority of Singapore,” the New York-based company said today in a regulatory filing.
Regulators worldwide are probing lenders about their roles in setting the London interbank offered rate, or Libor, after Barclays Plc was fined a record 290 million pounds ($463 million) for manipulating the rate for profit. Banks including UBS AG and Royal Bank of Scotland Group Plc have suspended some traders in Singapore, where the central bank has broadened its probe to include products tied to foreign exchange.
Citigroup said it continues to cooperate with all of the investigations. Mark Costiglio, a spokesman for the New York- based company, declined to comment on the Singapore request. The bank has been in Singapore since 1902 and employs more than 9,500 people there, according to Citigroup’s website.
Singapore authorities said in September they were investigating the use of products called non-deliverable forwards, or NDFs, derivatives that traders use to speculate on the movement of currencies and are subject to domestic restrictions. UBS, Switzerland’s largest bank, put at least two traders on leave and Edinburgh-based RBS suspended one director amid internal probes, people familiar with the matter said last month.
RBS, Britain’s biggest taxpayer-owned lender, said last week it expects to pay a fine in coming months to settle Libor probes.
Japanese regulators in December banned Citigroup for two weeks from trading in products tied to Libor and the Tokyo interbank offered rate, or Tibor, after bank staff attempted to influence the rates. Brian Mccappin, head of the bank’s Japanese brokerage unit, resigned.
Citigroup also said it has received requests for information from a “consortium of state Attorneys General” in the U.S. The bank previously disclosed that it received data requests from the New York and Connecticut attorneys general.
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