Crédit Agricole: AGCM fines FCA Bank E178.9m
(CercleFinance.com) - The Italian Competition Authority (Autorità guarantor della Concorrenza del Mercato - AGCM) has sanctioned several banks and car makers for a breach of competition law.
The offences relate to exchanges of sensitive information between these different operators - in particular in two professional associations.
FCA Bank SpA, a 50%-subsidiary of Crédit Agricole Consumer Finance S.A. (50%-subsidiary of FCA Italy S.p.A.), has been fined 178.9 million euros. The CA consumer Finance group will integrate in its Q4 accounts an impact of about 70 million euros for its share, which is net of the provisions already formed, while examining the possibility of making an appeal.
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The offences relate to exchanges of sensitive information between these different operators - in particular in two professional associations.
FCA Bank SpA, a 50%-subsidiary of Crédit Agricole Consumer Finance S.A. (50%-subsidiary of FCA Italy S.p.A.), has been fined 178.9 million euros. The CA consumer Finance group will integrate in its Q4 accounts an impact of about 70 million euros for its share, which is net of the provisions already formed, while examining the possibility of making an appeal.
Copyright (c) 2019 CercleFinance.com. All rights reserved.