Italian police raid Barclays’ Milan offices as part of Euribor investigation

Italian police raided the Milan offices of Barclays, as the investigation into the manipulation of benchmark interest rates is widening from the UK and the US into international markets.

The search of the offices was ordered by prosecutors in the Southern city of Trani and was carried at the end of last week.

A probe on Euribor, Libor’s counterpart in euros, was started by local authorities following complaints filed by consumer groups Adusbef and Federconsumatori, which estimated that the manipulation of Euribor costed €3bn to Italian households.

In a statement, the groups said computer material and emails were seized at Barclays Milan offices.

Barclays was fined over $450m by US and British authorities for manipulating the Libor rate. As part of the probe, chief executive Bob Diamond was forced to quit.

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