FRANKFURT Nov 21 Deutsche Bank
Co-Chief Executive Anshu Jain is sending his chief compliance
officer in his place to appear before a German parliamentary
committee investigating alleged interest rate rigging among
Management board member Stephan Leithner will face the
committee on financial affairs on Nov. 28 in Berlin, a spokesman
for the bank said on Wednesday, confirming reports in
Sueddeutsche Zeitung and Financial Times Deutschland newspapers.
The committee had originally invited Jain.
The European Commission and other international regulators
are investigating more than a dozen banks for alleged
manipulation of the London interbank offered rate (LIBOR), which
is used to set the price of trillions worth of financial
Any banks found guilty of breaching EU antitrust rules could
face fines of up to 10 percent of their global revenues. Sources
have told Reuters that several lenders are providing information
to the EU in the hope of securing lower penalties.
The Commission has not identified the banks, but sources
familiar with the matter have said Deutsche Bank is cooperating
with the EU regulator.
Deutsche Bank said in July initial findings from an internal
probe into alleged rigging of global interest rates found that
no members of the management board behaved inappropriately.
BaFin, Germany's financial watchdog, is conducting a special
investigation into Deutsche Bank to determine if the bank's
internal mechanism was sufficient to prevent manipulation.
Deutsche Bank has viewed any manipulation to be the work of
individuals who in the meantime have already been suspended by
the bank, bank sources told Reuters.
(Reporting By Kathrin Jones and Joern Poltz; Writing by Marilyn
Gerlach; Editing by Mike Nesbit)