Portugal’s antitrust watchdog accuses 15 banks of loans cartel

Portugal’s antitrust regulator has accused 15 banks of unfair competition practices over an 11-year period in which they allegedly shared information about loan products.

The country’s competition authority said it had notified the banks, which it did not name, about accusations regarding the exchange of sensitive commercial information on loans, including about intended changes in spreads.

Under Portugal’s competition law, companies found guilty of cartel practices can face fines of up to 10 per cent of their business volume.

Diário Económico business newspaper said the country's leading banks, state-owned Caixa Geral de Depósitos, Millennium bcp, Banco BPI, Novo Banco and Santander Totta had been notified by the regulator of its accusations. – (Reuters)