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EU fines six financial institutions record 1.7 bln euros

Wed, 04th Dec 2013 10:29

BRUSSELS, Dec 4 (Reuters) - EU antitrust regulators finedsix financial institutions including Deutsche Bank,Royal Bank of Scotland and Citigroup a recordtotal of 1.71 billion euros ($2.3 billion) on Wednesday forrigging financial benchmarks.

The other banks penalised are Societe Generale,JPMorgan and broker RP Martin.

"What is shocking about the LIBOR and EURIBOR scandals isnot only the manipulation of benchmarks, which is being tackledby financial regulators worldwide, but also the collusionbetween banks who are supposed to be competing with each other,"EU Competition Commissioner Joaquin Almunia said in a statement.

Deutsche Bank received the biggest fine of 725.36 millioneuros.

The European Commission said it would continue toinvestigate Credit Agricole, HSBC, JPMorgan and broker ICAP for similar offences.

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