RBS suspends Singapore trader over rate setting : Source
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File photo of a Royal Bank of Scotland (RBS) branch. RBS has suspended a trader for attempting to manipulate a reference lending rate in Singapore, a person familiar with the matter told Reuters. -- PHOTO: AFP
LONDON (REUTERS) - Royal Bank of Scotland has suspended a trader for attempting to manipulate a reference lending rate in Singapore, a person familiar with the matter told Reuters.
The part-nationalised UK bank put senior trader Chong Wen Kuang on leave earlier this year, the source said, for trying to manipulate the Singapore dollar swap offer rate (SOR).
Mr Chong is the first trader known to have been suspended by RBS in relation to a rate other than Libor, widening the breadth of the lender's possible exposure to the global interest-rate rigging affair.
RBS declined to comment. Mr Chong could not be reached for comment.
