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Reuters
Reuters
Business

Australia's CBA settles with regulator over rate-manipulation

FILE PHOTO: A view of a Commonwealth Bank of Australia branch in Sydney, Australia April 20, 2018. REUTERS/Edgar Su

(Reuters) - Commonwealth Bank of Australia <CBA.AX> on Wednesday admitted to "unconscionable conduct" and said it would settle with the Australian corporate regulator over allegations it manipulated the Bank Bill Swap Rate (BBSW).

"As part of the settlement, CBA will acknowledge that, in the course of trading on the BBSW market in Australia on five occasions between February and June 2012, CBA attempted to engage in unconscionable conduct in breach of the ASIC Act," the bank said in a statement.

CBA added that the impact of the settlement, which totals about A$25 million ($18.6 million), would be reflected in the bank's 2018 financial year results.

(Reporting by Chris Thomas in Bengaluru; Editing by Stephen Coates)

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