Spanish banks face CNMC investigation into mortgage market competition

The Spanish National Markets and Competition Commission (CNMC) has opened an investigation into six major banks—Santander, BBVA, CaixaBank, Sabadell, Bankinter, and Unicaja—regarding potential anti-competitive practices in the mortgage market.

The probe focuses on public statements made by bank executives concerning fixed-rate mortgage interest rates. The CNMC suggests these comments may have allowed competitors to anticipate future commercial offers.

In response, the Spanish Banking Association (AEB) and banking executives have defended the sector, claiming the Spanish mortgage market is among the most competitive in Europe. Alejandra Kindelán, president of the AEB, noted that average mortgage rates in Spain are approximately one percentage point below the eurozone average. Santander CEO Héctor Grisi also emphasized the high level of competitiveness within the Spanish market.