Chile: Conflict over BancoEstado’s dominant position intensifies before TDLC

The lawsuit filed before the Tribunal for the Defense of Free Competition of Chile between the BICE, Security, International, Scotiabank and Itaú banks against BancoEstado, who is accused of abusing its dominant position in receiving electronic transfers, has intensified after the introduction of a series of reports regarding the allegations that will be made on Tuesday, July 30.

The conflict would have started when BICE, in 2017, accused BancoEstado of charging discriminatory prices in receiving electronic transfers. Scotiabank and BBVA Chile joined the accusations later, with Brazil’s Itaú being the last to join.

The banks have accused BancoEstado’s AccountRUT system for allowing said bank to monopolize up to 61% of the market in terms of revenue from electronic transfer reception services. BancoEstado is accused of applying different prices to processing services, charging smaller banks more than large institutions.

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