Published by Global Banking and Finance Review
Posted on July 25, 2025
By Natalia Siniawski
MEXICO CITY (Reuters) -Mexico's antitrust watchdog COFECE has found that 21 banks and financial institutions operating in the country are likely responsible for fixing fees related to deferred credit card payments, according to a document produced by the government agency that was seen by Reuters.
The 649-page document outlining the findings and listing the institutions and individuals allegedly involved includes the Mexican subsidiaries of HSBC, Santander and Scotiabank. The document indicates that, based on preliminary findings, there is sufficient evidence to presume the parties may have engaged in anti-competitive conduct.
COFECE began the investigation in 2022, saying at the time it was looking into suspected monopolistic practices, including price-fixing and manipulation in the market for deferred credit card payments, by which the cost of a purchase can be spread over several months.
The antitrust authority alleges the institutions met regularly to set surcharges for merchants, which were then formalized in regulations and collectively enforced, while also excluding some merchants from the market.
The banks listed in the document are being notified of the findings, the document says, marking the start of a trial-like phase in which the parties can present evidence and arguments in their defense before the watchdog's plenary issues a final resolution.
It is unclear what the penalty would be if the allegations are upheld. By law, it can impose fines as high as 10% of a company's annual Mexican earnings. COFECE's remit is limited to issuing fines. It does not have the power to prosecute, but can file class-action lawsuits and submit reports to prosecutors who can initiate legal proceedings.
Some of the other institutions cited are: Red Amigo DAL; Banco Mercantil del Norte; Banco Nacional del Ejercito, Fuerza Aerea y Armada; Servicios Financieros Soriana; Banco Regional; Banco INVEX, and Banco Azteca.
Others include Banca Afirme; Banca Mifel; Tarjetas del Futuro; Liverpool PC; Banco del Bajio; Banco Inbursa; Klar Technologies; Crediclub; Oplay Digital Services; Caja Morelia Valladolid and Banco Ahorro Famsa.
COFECE and the banks did not immediately respond to requests for comment.
COFECE has previously targeted other major industries in high-profile actions. In August 2021, the agency fined five pharmaceutical distributors and 21 individuals roughly 903 million pesos ($48.65 million) for a decade of fixing prices and restricting the supply of essential medicines between 2006 and 2016.
In October 2022, it imposed over 2.4 billion pesos in fines on more than 50 liquefied petroleum gas distributors across several states, finding evidence of coordinated price manipulation and market division.
($1 = 18.5605 Mexican pesos)
(Reporting by Natalia Siniawski; editing by Stephen Eisenhammer and Rod Nickel)
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