S. Korea fines BNP, Deutsche Bank

SEOUL: South Korea’s antitrust regulator fined Deutsche Bank AG and BNP Paribas a total of 176 million won (RM678,240) after it found that their branches had colluded during currency forwards auctions. The Fair Trade Commission said yesterday the two banks had made illegal profits from 2011 April through 2014 November by colluding on prices of bids so that they could take turns to win forward currency contracts from firms trying to buy currency derivatives for hedging.