Maria Ramos says sorry for Absa's role in rand fixing

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Absa chief Maria Ramos
Absa chief Maria Ramos

Johannesburg - Barclays Africa Group apologised for its role in a rand-fixing affair involving more than a dozen banks, saying that it tipped off regulators about the practice after suspending two of its own traders.

“We deeply regret that this conduct took place within our organisation,” Chief Executive Officer Maria Ramos said on a conference call on Thursday, without identifying the employees. “Those who contravened our rules will be held accountable.”

South Africa’s antitrust investigators listed more than a dozen banks, including Barclays Africa, in its probe earlier this month and named more than 30 traders for price fixing and market allocation in the trading of foreign-currency pairs involving the rand.

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