The Australian Competition and Consumer Commission (ACCC) expects charges to be laid against several entities including the ANZ Bank over an alleged criminal cartel arrangement.

The other entities include ANZ's group treasurer Rick Moscati, investment banks Citigroup and Deutsche Bank, JP Morgan,as well as several individuals.  The Commonwealth Director of Public Prosecutions will allege "cartel arrangements relating to trading in ANZ shares following an ANZ institutional share placement in August 2015," according to ACCC chairman Rod Sims.  "It will be alleged that ANZ and the individuals were knowingly concerned in some or all of the conduct," he added.

ANZ's chief risk officer Kevin Corbally said the bank would defend the charges.

"We believe ANZ acted in accordance with the law in relation to the placement and on that basis the bank intends to defend both the company and our employee," he said in a statement to the ASX.

Deutsche Bank and Citigroup both said they would vigorously defend any charges.