CANBERRA, Australia (AP) — Australia on Tuesday laid cartel charges against banking companies Citigroup, Deutsche Bank and ANZ plus six bank executives over the sale of 2.5 billion Australian dollars ($1.9 billion) in ANZ shares to institutional investors three years ago.

The charges involve alleged cartel arrangements relating to trading in ANZ shares held by Deutsche Bank and Citigroup. ANZ and officials from all three banks are alleged to have been knowingly concerned in conduct, the regulator Australian Competition and Consumer Commission said in a statement.

The three banks deny the allegations and say they will defend their current and former employees. The first hearing in a Sydney court will be July 3.