Latest news for Standard Bank Group (OTC:SBGOF) Stock

Standard Bank Group Ltd provides banking and other financial services. Its operating model is client-led and structured around its business units which are Personal & Private Banking (PPB), Business and Commercial Banking (BCB), Corporate and Investment Banking (CIB), and Insurance & Asset Management (IAM). It offers credit cards, mortgages, vehicle loans, insurance, and other lending and transactional products. The company generates nearly all its income in Africa.

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Report: 10 Big Banks In Antitrust Probe On Precious Metals

STANDARD BANK GROUP ORD by Standard Bank Group Ltd.

Standard Bank Group Ltd

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Standard Bank Group

At least 10 major banks are under investigation for allegedly illegal price-fixing of precious metals, according to multiple reports.

	The probe is reportedly related to a <a href="http://www.sec.gov/Archives/edgar/data/1089113/000119163815000217/hsba201502236k.htm">disclosure</a>&nbsp;Monday by HSBC Holdings plc (NYSE: <a class="ticker" href="/stock/hsbc#NYSE">HSBC</a>) that U.S. prosecutors are conducting a criminal antitrust investigation concerning precious metals and had requested documents from the bank in November.

	HSBC also said Monday that it received a subpoena last month from the U.S. Commodities Futures Trading Commission related to the company&#39;s U.S. precious metals trading operations.

	HSBC said it is cooperating in the investigation which it said is at an &quot;early stage.&quot;

	Other banks reportedly targeted by the probe include Bank of Nova Scotia (NYSE: <a class="ticker" href="/stock/bns#NYSE">BNS</a>), Barclays PLC (NYSE: <a class="ticker" href="/stock/bcs#NYSE">BCS</a>), Credit Suisse Group AG (NYSE: <a class="ticker" href="/stock/cs#NYSE">CS</a>), Deutsche Bank AG (NYSE: <a class="ticker" href="/stock/db#NYSE">DB</a>), Goldman Sachs Group Inc. (NYSE: <a class="ticker" href="/stock/gs#NYSE">GS</a>), JPMorgan Chase &amp; Co. (NYSE: <a class="ticker" href="/stock/jpm#NYSE">JPM</a>), Societe Generale SA (OTC: <a class="ticker" href="/stock/scgly#OTC">SCGLY</a>), Standard Bank (OTC: <a class="ticker" href="/stock/sbgof#OTC">SBGOF</a>) and UBS Group AG (NYSE: <a class="ticker" href="/stock/ubs#NYSE">UBS</a>).

	Research published last year by New York University&#39;s Stern School of Business Professor Rosa Abrantes-Metz suggested collusion in setting gold prices.

	Metz&#39;s similar 2008 paper on the London interbank offered rate eventually led to a number of banks including Barclays and UBS, to be fined about <a href="http://business.financialpost.com/2014/02/28/london-gold-fix-study-indicates-decade-of-bank-manipulation/">$6 billion in total</a>, according to Bloomberg.

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Latest news for Standard Bank Group (OTC:SBGOF) Stock

Tuesday, February 24, 2015