Seven Banks Escape With Minor Fines in Mexico Antitrust Case
- Banks were fined only 4% of maximum amount: document
- Probe cites evidence in electronic chats between 2010 and 2013
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Mexico’s antitrust watchdog has fined seven banks a total of $1.5 million, only 4% of potential penalties, after finding evidence of price-rigging in the peso bond market early last decade, according to documents seen by Bloomberg News.
Deutsche Bank AG, Barclays Plc, Bank of America Corp., Citigroup Inc.’s local unit Citibanamex, Banco Bilbao Vizcaya Argentaria SA, Banco Santander Mexico SA and JPMorgan Chase & Co. were fined a combined 29.4 million pesos out of a potential 680 million, the document showed. Deutsche Bank and Barclays got the two biggest fines at 8.7 million pesos and 6.35 million pesos, respectively.