Reported about 17 hours ago
Mexico's antitrust authority, COFECE, has accused 21 banks, including subsidiaries of HSBC and Santander, of colluding to fix fees on deferred credit card payments. A recent 649-page document reveals evidence of anti-competitive behavior, with the banks reportedly meeting to establish surcharges for merchants. COFECE's investigation began in 2022, and banks have been notified of the findings, commencing a trial-like phase for defensive arguments. While the exact penalties remain uncertain, fines could reach up to 10% of the banks' annual earnings in Mexico.
Source: YAHOO