Spain's CNMC investigates some banks over antitrust practices

Spain’s Competition and Markets Commission (CNMC) has launched investigations into several banks for potential antitrust violations, signaling continued regulatory scrutiny of the financial sector. The latest probe involves Banco Sabadell, Santander, Caixabank, and Bankia, with the CNMC examining whether these institutions engaged in anti-competitive practices in marketing state-backed loans designed to support businesses and households during the COVID-19 pandemic. The investigation, which began in June 2025, focuses on whether the banks required borrowers to purchase additional financial products as a condition for accessing these loans. The CNMC is also assessing whether the loans were used to restructure pre-existing debts, which could raise further competition concerns.

This investigation builds on a history of CNMC enforcement in the banking sector. In 2018, the CNMC fined four major Spanish banks €91 million for colluding to fix the price of interest-rate derivatives (IRDs) attached to syndicated loans, finding that the banks had misled borrowers by concealing hidden margins. More recently, in 2025, the CNMC expanded its probe into Apple’s App Store and initiated investigations into multiple sectors, including pharmaceuticals, construction, and private healthcare, reflecting a broadened focus on antitrust enforcement.

The current case highlights the CNMC’s ongoing efforts to ensure transparency and fair competition in financial services, particularly in the context of public support programs. The investigation could result in significant penalties or behavioral remedies if the CNMC finds evidence of anti-competitive conduct. Banks under scrutiny have responded variably: Santander stated it complied with regulations and awaits further details, while others declined to comment. The CNMC has 18 months to complete its investigation and issue a decision.