Bank plans withdrawal from UAE interbank-rate panel

06/10/2013 | Reuters

Citigroup is citing no specific reason as it withdraws from the panel that sets the interbank interest rate in the United Arab Emirates. The decision, effective June 25, comes as other banks pull out of similar panels, after a scandal involving the London Interbank Offered Rate. Citi's move will leave 11 banks on the UAE panel and a more local concentration.

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