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Maria Ramos ‘deeply regrets’ Absa involvement in collusion scandal

Ramos says the bank will continue to cooperate with the Competition Commission and Tribunal.

Head of Absa and Barclays Africa CEO Maria Ramos sits down for an interview with EWN at a hotel during the World Economic Forum on 19 January 2017. Picture: Reinart Toerien/EWN.

JOHANNESBURG - Barclays Africa CEO Maria Ramos says she deeply regrets that the bank was involved in collusion, adding that those found to have acted in a manner that’s inconsistent with the company’s values, will be held to account.

Absa is one of 18 local and international financial institutions implicated and alerted the commission to the issue.

Ramos says the bank will continue to cooperate with the Competition Commission and Tribunal.

“We deeply regret that this conduct took place in our organisation. It’s unacceptable and incompatible with our values. We will continue to cooperate with the commission.”

She says those found to have played a role will be held accountable.

“Those found to have acted inconsistently with our values will be held to account.”

Ramos says her bank was the one who alerted the commission to the issue after suspending two of its employees.

On Thursday, Standard Bank released a statement confirming it's in talks with the Competition Commission.

The bank says none of its employees have been suspended to date.

(Edited by Shimoney Regter)