EU Commission imposes a million-dollar fine on alleged banking cartel

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Financial district in London

Photo: Leon Neal / AFP

The banks Credit Suisse, Bank of America Merrill Lynch and Crédit Agricole have to pay a total of just under 28.5 million euros in fines following a decision by the EU competition watchdog.

The reason: You had participated in a cartel for trading in certain bonds.

The European Commission announced that Deutsche Bank was exempt from paying the fine because it had uncovered the cartel.

The responsible EU Commission Deputy Head Margrethe Vestager said that the banks' securities dealers had "coordinated trading strategies, exchanged sensitive price information and agreed prices."

Those affected had known each other personally, it said.

Credit Suisse wants to appeal

When asked at Credit Suisse, it was said that the institute continued to believe that the individual former employees criticized by the EU had not committed any anti-competitive behavior.

Credit Suisse intends to appeal the decision to the European courts.

Specifically, according to the EU Commission, it was about trading "in US dollar-denominated supranational, state and semi-state bonds (SSA bonds) on the secondary market in the European Economic Area".

With a good 12.64 million euros, Bank of America Merrill Lynch reportedly has to pay the highest fine.

It is followed by Credit Suisse with just under 11.68 million.

Almost 4 million euros are due for the Crédit Agricole.

hej / dpa