TIDMBCP 
 
 
   Banco Comercial Português, SA ("BCP") informs that it has been 
notified by the Portuguese Competition Authority ("AdC") of the decision 
to impose a fine in proceedings related to alleged restrictive 
competition practices regarding the sharing of sensitive commercial 
information between credit institutions, in the mortgage lending, 
consumer lending and corporate credit segments. BCP was one of the banks 
the AdC decided to fine in the total amount of EUR 225 million, for 
engaging in the exchange of sensitive commercial information. The fine 
imposed on BCP amounts to 60 million euros. 
 
   Throughout this process, initiated by the AdC in 2012, BCP has had the 
opportunity to provide the AdC with all the clarifications requested and 
to explain why it considers that the accusations addressed to the bank 
are not adequately supported and substantiated. 
 
   It is not apparent from the AdC's decision that the information sharing 
practices imputed to BCP had any negative effect on consumers. It should 
be noted, moreover, that the period covered by the decision includes the 
pre-financial crisis period of 2008, in which very competitive 
commercial practices between Institutions were observed, with a view to 
strengthening their market shares, which were subsequently and publicly 
recognized by analysts and the media in general as resulting in very low 
credit spreads. After 2008, BCP's pricing references reflected the 
widespread increase in credit spreads as a result of the economic and 
financial crisis and the country's financing conditions. It is also 
important to note that the information exchanged by the Marketing 
Departments corresponded, in BCP's case, to spreads which are disclosed 
through the general price table and not the prices that were then 
applied in individual negotiations with Customers. 
 
   BCP has a public commitment to operate in the market in strict 
compliance with competition rules, with which it identifies and to which 
it is committed, and does not accept any behaviour aimed at distorting 
competition or harming consumers, or even challenging decisions of the 
Authorities that it considers balanced. In this decision, this is 
clearly not the case, as the information exchange has not resulted in 
any demonstrable harm to Customers, meaning the fine is unjustified and 
unbalanced. 
 
   BCP's Executive Board, in view of the notification of the decision and 
bearing in mind its knowledge of this process, which it closely 
monitored, has decided that it will proceed with the respective legal 
challenge of the decision in the competent courts. 
 
   End of announcement 
 
   Banco Comercial Português, S.A. 
 
   Attachment 
 
 
   -- AdC EN 
      https://ml-eu.globenewswire.com/Resource/Download/c92c5794-a447-47c8-8afb-a434d376cd4e 
 
 
 
 
 
 
 

(END) Dow Jones Newswires

September 10, 2019 04:16 ET (08:16 GMT)