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Mexican Banking Association Says There Was No Institutional Collusion

By  |  January 28, 2021

The Mexican banking association announced on Wednesday, January 27, that there had been no institutional collusion by banking institutions, only by some individuals, two days after Mexico’s antitrust watchdog COFECE slapped fines on seven international banks and traders, reported Reuters.

COFECE fined the banks and traders a total of 35 million pesos (US$1.75 million) for market manipulation and collusion in the government bond market about a decade ago.

Deutsche Bank, Barclays, Bank of America, Citigroup’s local unit Citibanamex, Banco Bilbao Vizcaya Argentaria, Banco Santander Mexico, and JPMorgan Chase & Co. were fined a combined 29.4 million pesos out of a potential 680 million (US$34.12 million), the document showed. Deutsche Bank and Barclays received the two largest fines at 8.7 million pesos and 6.35 million pesos, respectively (US$436,606 and US$318,673, respectively).

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