Crédit Agricole and Natixis fined by AMF, HSBC and Barclays implicated

Crédit Agricole and Natixis have been slapped with fines by France’s market regulator Autorité des Marchés Financiers (AMF), while the UK’s Financial Services Authority (FSA) is yet to decide whether to take equivalent action on HSBC and Barclays.

The latest sanctions, €400,000 for Crédit Agricole Corporate and Investment Bank (CIB) and €500,000 for Natixis, were announced on the French regulatory authority’s website in a document dated 17 March.

AMF imposed the fines in relation to the sale of Danone SA bonds in 2008, the food group behind Evian water among other well-known brands.

Crédit Agricole CIB and Natixis, two of four banks involved in the sale, were accused of failing to ensure confidentiality of information ahead of the sale.

A spokesperson from London’s FSA meanwhile refused to confirm whether the regulator is investigating HSBC and Barclays, the other two banks involved in the sale, for similar misconduct.

Crédit Agricole CIB and Natixis are yet to state whether they will appeal against the AMF fines. Both groups were unavailable for immediate comment.

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