After the Federal Commission for Economic Competition (Cofece) reported on sanctions to seven banks for their alleged participation in absolute monopolistic practices in the past, Santander Mexico it did not accept the accusations and communicated that it will appeal to the federal courts.
Santander does not accept the accusations made by Cofece, so it will have to resort to the federal courts in order to legally combat this determination, since it did not participate in absolute monopolistic practices nor did it obtain any benefit from the alleged aforementioned arrangements, ”he argued.
In a statement, the bank detailed that the Cofece notified him of its decision to apply a fine for allegedly participating in absolute monopolistic practices in the secondary market of government securities, and that of the 28.7 million pesos that were imposed on seven banks, to Santander 622,901 pesos correspond to him.
In this sense, he stressed that the fine indicated for Santander Mexico, demonstrates the lack of materiality of the accusations and the findings found in the investigation, as well as the misinformation on the part of some actors who speculated with multimillion-dollar fines to the investigated institutions.
Santander Mexico recalled that the bank had already been investigated for alleged market manipulation practices by the National Baking and Stock Commission (CNBV), not having determined any sanction; and that for the same issue, the institution faced six “Class Actions” in the United States, which were dismissed.
“Banco Santander México reiterates that its performance has always been attached to the norm and codes of conduct that avoid incorrect practices, and therefore trusts that, in accordance with the law, it will prove its correct conduct,” he said.
BBVA: we respect resolution; we will continue to analyze it in depth
While, BBVA Mexico, stated that it has a different interpretation than the one Cofece reached the conclusions that it has made public with its resolution, which, it assured, respects and will continue to analyze in depth, including the next steps to be taken after this announcement.
“The financial institution has always been and will continue to be absolutely respectful of the role that our authorities and regulators represent, including all the decisions that are taken within the scope of its matter and attributions,” he said.
It added that, specifically in the area of competition, it reaffirms its commitment to comply with the legislation, for which reason it will continue to apply its codes of conduct and internal policies, and will continue to strengthen its controls in the matter, in accordance with the best national and international practices.
Stressed that BBVA Mexico has been committed to complying with the law in all the processes it carries out, and for this it has very robust internal areas that monitor the operation of the institution and a corporate governance model that guarantees the bank’s operation and its taking decision making.
He considered that free competition constitutes one of the essential principles of the proper functioning of the market, which must always result in the benefit of the development, progress and well-being of society, mainly its customers, employees and shareholders.
In this sense, he stressed that BBVA Mexico has cooperated with the Cofece, providing all the information required to support its investigations and analyzes, and has adopted all the necessary measures, in addition to those already in place, to reinforce unrestricted compliance with competition legislation.
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