April 11, 2013 / 4:26 PM / 5 years ago

RBS Japan investment bank boss to step down -source

LONDON, April 11 (Reuters) - The boss of Royal Bank of Scotland’s Japanese investment bank will leave RBS following investigations by Japanese authorities into interest rate rigging, a source familiar with the matter said on Thursday.

Japanese authorities could publish their findings as early as Friday, the source said, and Ryusuke Otani, chief executive officer at RBS Securities Japan, will step down at that time.

RBS was fined $612 million by U.S. and British authorities in February to settle allegations it manipulated benchmark interest rates, prompting John Hourican, head of its investment bank to step down.

U.S. and British investigators said they discovered hundreds of attempts by at least 21 RBS employees in London, Singapore and Tokyo to manipulate the London Interbank Offered Rate (Libor) and other benchmark interest rates. They said the abuse occurred between 2006 and 2010.

Investigations by other regulators have since continued.

Last week, Japan’s Securities and Exchange Surveillance Commission asked the country’s financial watchdog to take ‘administrative action’ against RBS.

Otani could not immediately be reached for comment. RBS declined to comment.

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