CREDIT AGRICOLE SA : Decision of the Italian competition authority against FCA Bank
09 Janvier 2019 - 6:00PM
Montrouge, 9 January 2019 |
Decision of the
Italian competition authority
against FCA
Bank
On 9 January 2019, several banks
and car manufacturers were fined by the Italian Competition
Authority (Autorità Garante della Concorrenza e del Mercato -
"AGCM") for having infringed competition law by exchanging,
according to the AGCM, sensitive information notably during
meetings of two trade associations (1). This
decision brings an end to an investigation that was launched in May
2017 and targeted the so-called "captive" banks of car
manufacturers on the Italian market.
In this decision, FCA Bank SpA, a
subsidiary owned at 50% by CA Consumer Finance S.A.(2) , was fined
178.9 million euros owing to its alleged violation of competition
rules.
CA Consumer Finance Group will
take into account the consequences of this fine, which will have an
impact of around €70 million (net of provisions previously made),
in its 4Q financial statements, while at the same time considering
all ways and grounds for an appeal.
(1)The
investigation by the Italian competition authorities (Autorità
Garante della Concorrenza e del Mercato - AGCM) was mentioned
in the risk factors in the update to the Crédit Agricole S.A.
Registration Document as of 30 September 2018.
(2) FCA Bank
S.p.A. is a 50-50 joint venture between Crédit Agricole Consumer
Finance S.A. and FCA Italie S.p.A.
Crédit
Agricole S.A. press contacts
Charlotte de
Chavagnac + 33 1 57
72 11
17
charlotte.dechavagnac@credit-agricole-sa.fr
Olivier
Tassain
+ 33 1 43 23 25
41
olivier.tassain@credit-agricole-sa.fr
Pauline Vasselle
+ 33 1 43 23 07
31
pauline.vasselle@credit-agricole-sa.fr
See all our press releases at:
www.credit-agricole.com - www.creditagricole.info
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Decision of the Italian competition
authority against FCA Bank
This
announcement is distributed by West Corporation on behalf of West
Corporation clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: CREDIT AGRICOLE SA via Globenewswire
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