CREDIT AGRICOLE SA : Decision of the Italian competition authority against FCA Bank

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

Crédit_Agricole

Crédit Agricole Group

créditagricole_sa

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

Credit Agricole (EU:ACA)
Graphique Historique de l'Action
De Mar 2024 à Avr 2024