COFECE Probes 21 Banks for Alleged Credit Fee Collusion

Mexico’s antitrust regulator, COFECE, has identified 21 banks and financial institutions that may have engaged in collusion to fix fees related to deferred credit card payments, according to a 649-page document reviewed by Reuters.

The Federal Economic Competition Commission (COFECE) launched the investigation in 2022, focusing on potential anticompetitive practices such as price-fixing and market manipulation in the deferred payments segment. These transactions allow consumers to spread out purchase costs over several months, often with added fees.

According to the findings, there is sufficient evidence to suggest that the involved parties may have coordinated to impose charges on payment operators, formalized through internal regulations and applied collectively. The document also alleges that some banks excluded certain operators from the market.

Among the named institutions are the Mexican subsidiaries of international banks HSBC, Santander, and Scotiabank, along with domestic entities including Banorte, Banregio, Banco Azteca, Banco Inbursa, and Banca Mifel.

Other institutions cited include:

• Banco Mercantil del Norte (Banorte)

• Banco Nacional del Ejército, Fuerza Aérea y Armada (Banjercito)

• Servicios Financieros Soriana

• Banco Regional (Banregio)

• Banco INVEX

• Banco Azteca

• Banca Afirme

• Banca Mifel

• Tarjetas del Futuro

• Liverpool PC

• Banco del Bajío

• Banco Inbursa

• Klar Technologies

• Crediclub

• Oplay Digital Services

• Caja Morelia Valladolid

• Banco Ahorro Famsa

• Red Amigo DAL
   

COFECE is now notifying the implicated parties, initiating a trial-like phase during which the entities may present evidence and arguments in their defense. A final resolution will be issued by COFECE’s full panel.

If the allegations are confirmed, the commission could impose fines of up to 10% of each company’s annual revenues in Mexico. While COFECE cannot pursue criminal charges, it can refer cases to prosecutors and initiate collective lawsuits.

Neither COFECE nor the banks named in the report have yet responded to requests for comment.

This is not COFECE’s first high-profile case. In 2021, the regulator fined five pharmaceutical distributors and 21 individuals a combined MX$903 million for collusion on essential drug pricing between 2006 and 2016. In 2022, it imposed more than MX$2.4 billion in fines on over 50 distributors of liquefied petroleum gas for price manipulation and market division.