In The News South Africa

Maria Ramos apologises over collusion

Shortly after releasing a statement regarding an agreement on the terms agreed to with the separation of Barclays Africa from the European mother body, Bloomberg reported that Barclays Africa CEO Maria Ramos apologised for the bank’s role in the collusion conspiracy brought to light last week.

The Competition Commission announced last week that numerous banks, including ABSA, were involved in a concerted and coordinated campaign to fix the currency price. Subsequently the banks have stepped back from the scandal and pointed fingers at individual staff members.

Barclays Africa, through Ramos, apologised for its role and added that it had tipped off regulators after suspecting illegal activities by its own traders.

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

– Staff Reporter

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