Banco Comercial Português, S.A. informs of the notification from the Competition Authority
10 Setembro 2019 - 5:16AM
Banco Comercial Português, S.A. informs of the notification from
the Competition Authority
Banco Comercial Português, SA (“BCP”) informs that it has been
notified by the Portuguese Competition Authority (“AdC”) of the
decision to impose a fine in proceedings related to alleged
restrictive competition practices regarding the sharing of
sensitive commercial information between credit institutions, in
the mortgage lending, consumer lending and corporate credit
segments. BCP was one of the banks the AdC decided to fine in the
total amount of EUR 225 million, for engaging in the exchange of
sensitive commercial information. The fine imposed on BCP amounts
to 60 million euros.
Throughout this process, initiated by the AdC in 2012, BCP has
had the opportunity to provide the AdC with all the clarifications
requested and to explain why it considers that the accusations
addressed to the bank are not adequately supported and
substantiated.
It is not apparent from the AdC’s decision that the information
sharing practices imputed to BCP had any negative effect on
consumers. It should be noted, moreover, that the period covered by
the decision includes the pre-financial crisis period of 2008, in
which very competitive commercial practices between Institutions
were observed, with a view to strengthening their market shares,
which were subsequently and publicly recognized by analysts and the
media in general as resulting in very low credit spreads. After
2008, BCP's pricing references reflected the widespread increase in
credit spreads as a result of the economic and financial crisis and
the country's financing conditions. It is also important to note
that the information exchanged by the Marketing Departments
corresponded, in BCP's case, to spreads which are disclosed through
the general price table and not the prices that were then applied
in individual negotiations with Customers.
BCP has a public commitment to operate in the market in strict
compliance with competition rules, with which it identifies and to
which it is committed, and does not accept any behaviour aimed at
distorting competition or harming consumers, or even challenging
decisions of the Authorities that it considers balanced. In this
decision, this is clearly not the case, as the information exchange
has not resulted in any demonstrable harm to Customers, meaning the
fine is unjustified and unbalanced.
BCP's Executive Board, in view of the notification of the
decision and bearing in mind its knowledge of this process, which
it closely monitored, has decided that it will proceed with the
respective legal challenge of the decision in the competent
courts.
End of announcement
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