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Chilean private banks temporarily suspend BancoEstado interbank lawsuit

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Chilean private banks temporarily suspend BancoEstado interbank lawsuit

Chilean banks Banco Internacional SA, BICECORP SA, Banco Security SA, Scotiabank Chile and Banco Bilbao Vizcaya Argentaria Chile SA have agreed to put an anti-trust complaint case against state-run Banco del Estado de Chile on hold until Feb. 28, Diario Financiero reported.

Meanwhile, the five banks will continue gathering information for the case against BancoEstado, according to the publication.

The private banks had filed a complaint to anti-trust court TDLC over BancoEstado's alleged discriminatory charging of interbank rates.

The accusations against the state-run bank included overcharging for electronic banking transfers, taking advantage of its dominant position in the transfers market resulting from its CuentaRUT product, the net receiver of 40% of interbank electronic transfers.

Scotiabank Chile has said the problem dates back to January 2016, translating to a loss of at least 100 million Chilean pesos per month for the bank.

As of Feb. 2, US$1 was equivalent to 603.01 Chilean pesos.