Competition is investigating several banks after denouncing wind inverter – Investing.com Spain

MADRID (Reuters) – The National Commission Markets and Competition (CNMC) said Thursday it has opened an investigation to BBVA (MC :), Sabadell (MC :), Santander (:) and Caixabank MC (MC to determine whether they restrict competition exercised following a complaint from a wind inverter practices.

the case stems from a complaint filed by Eólica Enterprise Investments Vapat and subsidiaries, he said the CNMC, adding that now a maximum period of 18 months opens to resolve the investigation of the case.

“the reason is the existence of possible anti-competitive agreements between entities for pricing and the exchange of commercially sensitive information regarding the hiring of interest rate derivatives used as hedging instruments syndicated loan risk, “the agency said.

Sources familiar with the operation explained that there is a dispute between the wind group and the group of banks that financed a syndicated loan to Vapat Group to build several wind farms in Castilla-Leon.

the four banks are reprimanded, along with the nationalized Bankia (MC :), the largest Spanish banks by market capitalization.

“it is a mere act of processing the CNMC and it is premature to any legal implication. BBVA is convinced that it has acted according to law,” he said a spokesman for BBVA.

Santander, CaixaBank and Sabadell declined to comment.

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