BCP Contests EUR 60 Million Competition Fine

Banco Comercial Portugues (GB:0RJN) has released an update.

Banco Comercial Português (BCP) has been fined EUR 60 million by the Competition, Regulation and Supervision Court for an alleged competition law breach. The bank disputes the court’s analysis of the evidence and plans to appeal the ruling, which is not yet final. BCP asserts that the information exchange from 2002-2013 among banks did not harm competition or negatively impact customers, and does not expect the ruling to materially affect its financial statements.

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