Market Chatter: HSBC, Santander, Scotiabank Among 21 Banks Accused of Price Fixing in Mexico

MT Newswires Live
07/28

HSBC (HSBC), Santander (SAN), and Scotiabank (BNS) are among 21 financial institutions accused by Mexico's antitrust authority COFECE of likely colluding to fix fees on deferred credit card payments, Reuters reported Friday, citing a government document.

The document, based on preliminary findings, indicates there is sufficient evidence to presume anti-competitive behavior, Reuters reported.

COFECE launched the investigation in 2022, examining coordinated surcharges and merchant exclusion practices, the report said.

The listed institutions are now entering a trial-like phase to present arguments before a final resolution is issued, Reuters reported.

If upheld, COFECE may impose fines of up to 10% of annual Mexican revenue, though it lacks prosecutorial powers, the news outlet added.

HSBC, Santander, Scotiabank, and COFECE did not immediately respond to MT Newswires' request for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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