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Citigroup, HSBC among banks named in Brazil currency probe

Regulator finds "strong signs" of anti-competitive price-fixing practices

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Published Fri, Jul 3, 2015 · 09:50 PM

    Sao Paulo

    CITIGROUP Inc, Morgan Stanley, HSBC Holdings plc and 12 other banks are being investigated for currency manipulation by Brazil's antitrust agency after similar probes in the US and Europe led to penalties of more than US$10 billion.

    Cade, as the regulator is known, found "strong signs" of anticompetitive price-fixing practices, according to an e-mailed statement on Thursday from the Brasilia-based regulator.

    HSBCMorgan Stanley

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