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Australia's Macquarie, ANZ to pay fines over Malaysia currency 'cartel'

Reuters

SYDNEY, Nov 25 (Reuters) - Australia's No.1 investment bank Macquarie Group Ltd and top corporate lender Australia and New Zealand Banking Group Ltd on Friday said they will pay fines totalling A$15 million ($11.12 million) for "cartel conduct".

The banks said in separate statements they would pay the fines after the antitrust agency started court proceedings over foreign exchange contracts for the Malaysian ringgit in 2011.

($1 = 1.3493 Australian dollars) (Reporting by Byron Kaye; Editing by Stephen Coates)