Raiffeisen Bank quits Euribor

Austria's Raiffeisen Bank International AG (RBI) said it’s leaving the panel of lenders that sets Euribor, a day after the lobby group that administers the scandal-hit benchmark warned it risks an exodus of contributors, Bloomberg reports.

Raiffeisen’s interbank lending business has become “less meaningful” and it no longer makes sense for the Vienna-based firm to take part, spokeswoman Jacqueline Kaye said in a phone interview. Its last submission to Euribor will be on January 15th.

Like its more-prominent cousin Libor—the London interbank offered rate—Euribor has come under scrutiny about whether banks have manipulated the rate. Barclays PLC and UBS AG admitted last year that employees tried to manipulate Libor.

The European Union is nearing completion of an investigation into potential collusive activity by banks in the setting of Euribor.