Citibank Europe fined €1.3m for breach of lending rules

Citibank Europe has been fined €1.3m by the Central Bank for breaking lending rules.

It has been reprimanded for six breaches of the bank's code of practice.

The code requires banks and building societies to have proper systems, controls and oversight in place when it comes to loans to related parties such as directors or senior managers.

Among Citibank's breaches were its failure to have such necessary policies and processes in place and a failure to report deviations from the code's requirements.

- Digital Desk