Bloomberg News

Credit Suisse Doesn’t See ‘Material Exposure’ in Libor Probes

July 24, 2012

Credit Suisse Group AG (CSGN), Switzerland’s second-biggest bank, reiterated that it doesn’t see evidence suggesting it may have “material exposure” in connection with probes into the setting of the London Interbank Offered Rates.

The company is reviewing the issues in response to regulatory inquiries and is cooperating fully with the investigations, the Zurich-based bank said in its second-quarter report published today.

Barclays Plc was fined on June 27 a record 290 million pounds ($450.2 million) for rigging Libor, leading to the resignations of Chief Executive Officer Robert Diamond, Chairman Marcus Agius and Chief Operating Officer Jerry Del Missier.

Libor is derived from a survey of banks conducted daily for the British Bankers’ Association in London. Citigroup Inc., Royal Bank of Scotland Group Plc, Lloyds Banking Group Plc, Deutsche Bank AG and UBS AG are among firms that are being probed by regulators worldwide into how Libor is set.

Credit Suisse, as a member of the U.S. Dollar Libor panel, has also been named in various civil lawsuits in the U.S., the bank said.

To contact the reporter on this story: Elena Logutenkova in Zurich at elogutenkova@bloomberg.net

To contact the editor responsible for this story: Frank Connelly at fconnelly@bloomberg.net


Steve Ballmer, Power Forward
LIMITED-TIME OFFER SUBSCRIBE NOW
 
blog comments powered by Disqus