Barclays Africa will cooperate in collusion probe - Ramos
Barclays-owned Absa is one of 18 financial institutions, local and international, implicated in the alleged collusion to fix the price of the rand.
JOHANNESBURG - Barclays Africa CEO Maria Ramos says the bank will continue to cooperate with the Competition Commission and Tribunal as the investigation into alleged collusion to fix the price of the rand continues.
Barclays-owned Absa is one of 18 financial institutions, local and international, implicated in the practice.
Ramos says her bank was the one who alerted the commission to the issue after suspending two of its employees.
Ramos says a process is now underway and Barclays will respect it.
“We’ve committed to cooperating with the Competition Commission. We deeply regret that this conduct took place in our organisation. It’s unacceptable and incompatible with our purpose and values.”
She says she doesn't feel under siege after Absa was implicated in the cartel and in the Public Protector Busisiwe Mkhwebane's interim report on Absa-Bankcorp.
“The Public Protector has said that her final report may change. We have until the end of February to provide input.”
Earlier, Standard Bank released a statement confirming it's in talks with the Competition Commission about what it terms the “historic” investigation.
The bank says that to date none of its employees have been suspended.
WATCH: Absa head trusts Public Protector despite 'inaccurate' draft report
(Edited by Zamangwane Shange)