Credit Agricole : Decision of the Italian competition authority against FCA Bank
January 10, 2019 at 12:44 am IST
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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.
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Crédit Agricole SA published this content on 09 January 2019 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 09 January 2019 19:13:03 UTC
Crédit Agricole S.A. is one of the leading European banking groups and is the leading financial backer of the French economy. Net Banking Product breaks down by activity as follows:
- retail banking (30.1%): activities in France (Crédit Lyonnais) and abroad. Furthermore, the group is present in France via its 39 regional networks of branches (making it the biggest French banking network);
- finance, investment and market banking (30.1%): standard and specialized bank financing activities (financing for acquisitions, projects, aeronautical and maritime assets, etc.), stock operations, consulting in mergers and acquisitions, investment capital, etc.;
- asset management, insurance and private banking (25.9%);
- specialized financial services (13.9%): consumer loan, leasing and factoring (No. 1 in France).
At the end of 2023, Crédit Agricole S.A. managed EUR 835 billion in current deposits and EUR 516.3 billion in current credits.
NBP is distributed geographically as follows: France (46%), Italy (20%), European Union (14.3%), Europe (7.2%), North America (6%), Japan (1.3%), Asia and Oceania (3 .5%), Africa and Middle East (1.3%), Central America and South America (0.4%).