Credit Suisse AG says not subject to Swiss competition foreign exchange probe

ZURICH: Credit Suisse said it is "astonished" to be drawn into a Swiss competition probe investigating potential collusion to manipulate foreign exchange rates by various Swiss and foreign banks.

" Credit Suisse AG was not the subject of the preliminary investigation carried out by the competition commission into various banks," the Swiss bank said in a statement.

"The press release contains incorrect references to Credit Suisse AG and these allegations are both inappropriate and harmful to our reputation."

Earlier on Monday, Switzerland's competition said it is investigating UBS, Credit Suisse, Zuercher Kantonal Bank, Julius Baer, JP Morgan, Citigroup, Barclays and Royal Bank of Scotland over forex trading.

Zurich-based Credit Suisse said it will cooperate fully with authorities.