Mexico City (Reuters) .- The Federal Economic Competition Commission (Cofece) detected that 21 banks and financial institutions operating in Mexico are probable responsible for setting commissions related to deferred payment of credit cards, according to a document prepared by the agency to which Reuters had access.
The 649 pages document, in which the findings are outlined and the institutions and people allegedly involved are listed, includes the Mexican subsidiaries of HSBC, Santander and Scotiabank.
The document indicates that, based on preliminary findings, there are sufficient evidence to presume that the parties may have incurred anti -competitive behaviors.
The COFECE initiated the investigation in 2022, and at that time he said that he was investigating alleged monopolistic practices, including pricing and manipulation in the credit deferred payments market, whereby the cost of a purchase can be staggered for months.
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The antitrust authority alleges that the entities met periodically to set surcharges to the operators, which were then formalized in regulations and applied collectively, while excluding some market operators.
The aforementioned banks are being notified of the conclusions, says the document, which marks the beginning of a phase similar to a trial in which the parties can present evidence and arguments in their defense before the plenary of the control body issues a final resolution.
It is not clear what the sanction would be in case the allegations are confirmed. By law, you can impose fines of up to 10% of the annual benefits of a company.
The competitions of the Cofece are limited to the imposition of fines. It has no procedural power, but can file collective demands and submit reports to prosecutors, who can initiate judicial procedures.
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Some of the other institutions mentioned are: Red Amigo Dal; Northern Mercantile Bank; National Army Bank, Air Force and Navy; Soriana Financial Services; Regional Bank; Banco Invex, and Banco Azteca.
Others are Banca affirm; Mifel bank; Future cards; Liverpool PC; Banco del Bajío; Inbursa Bank; Klar Technologies; Crediclub; OPLAY DIGITAL SERVICES; Caja Morelia Valladolid and Banco SavorA Famsa.
Cofece and the banks appointed in the document did not immediately respond to requests for Reuters comments.
The Cofece already sights other important industries with high profile procedures.
In August 2021, five individual pharmaceutical distributors with about 903 million pesos for a decade of pricing and restriction of the supply of essential medicines between 2006 and 2016.
In October 2022, more than 2,400 million pesos imposed more than 50 liquefied oil gas distributors in several entities, finding coordinated price manipulation tests and market division.
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