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Italian regulator fines FCA Bank over competition violations

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Italian regulator fines FCA Bank over competition violations

The Italian Competition Authority has fined FCA Bank SpA €178.9 million as part of an investigation into alleged breaches of competition rules by several banks and car manufacturers, Crédit Agricole Group said Jan. 9.

FCA Bank is a 50/50 joint venture between Crédit Agricole unit CA Consumer Finance SA and Fiat Chrysler Automobiles NV's FCA Italy SpA.

The probe, launched in May 2017, targeted so-called captive banks of car manufacturers operating in Italy for allegedly violating competition law by exchanging sensitive information during meetings of two trade associations.

The fine is expected to have an impact of roughly €70 million, net of provisions previously made, in CA Consumer Finance's fourth-quarter results, Crédit Agricole said, adding that the unit will weigh all options and grounds for an appeal.