The charges date back to 2018 when Citi, along with ANZ and Deutsche Bank, was accused of cartel conduct. On 7 August 2015, ANZ raised $2.5 billion in equity capital in an institutional share placement of around 80.8 million shares that was fully underwritten by lead managers Deutsche Bank, Citi and JP Morgan.
According to a statement by ANZ to the ASX at the time, “ASIC is investigating whether ANZ’s announcement of 7 August 2015 should have stated the joint lead managers took up approximately 25.5 million shares of the placement”.
ANZ, Citi and Deutsche Bank all denied the charges and said they would “vigorously defend” themselves and their employees.
“We maintained all along ANZ acted in accordance with the law in relation to the placement,” ANZ chief risk officer Kevin Corbally said.
“We defended the bank and Rick on that basis and we are pleased the matter is now behind us."
It comes after all charges against ex-Citi country head Stephen Roberts, who was accused of two charges of violating laws to prevent cartel activity, were dropped in August.
Neil Griffiths
Neil is the Deputy Editor of the wealth titles, including ifa and InvestorDaily.
Neil is also the host of the ifa show podcast.
