COFECE Launches Major Probe into Banking Practices
Mexico accuses banks of colluding to fix fees on deferred credit card payments, according to the antitrust watchdog COFECE. In a 649-page internal report, the agency outlined its findings against 21 banks and financial firms operating in the country.
The report names major players like HSBC, Santander, and Scotiabank, along with several local institutions. COFECE believes there’s enough evidence to presume anti-competitive practices in how banks charged surcharges to merchants.
This investigation began in 2022. It focuses on monopolistic behavior, including price manipulation on credit purchases that allow customers to pay in installments.
Institutions Allegedly Held Meetings to Set Fees
According to the document, banks regularly met to agree on extra charges merchants had to pay. These charges were enforced by all participants, and some merchants were allegedly blocked from the market altogether.
COFECE’s findings will now lead to a trial-like process. The banks can present their defense before a final resolution is issued. Penalties could reach up to 10% of each company’s annual earnings in Mexico if found guilty.
However, COFECE cannot prosecute. It can only impose fines or refer cases for possible legal action.
List of Accused Banks and COFECE’s Track Record
Other institutions named include Banco Azteca, Banco Mercantil del Norte, Banco del Bajio, Banco Inbursa, and Klar Technologies. Smaller lenders like Tarjetas del Futuro, Oplay Digital, and Crediclub are also listed.
This isn’t COFECE’s first major action. In 2021, it fined pharma firms for fixing medicine prices. A year later, it penalized gas distributors for similar violations.
As Mexico accuses banks again, this case could reshape how financial services operate across the country.
