Wesbank denies CompCom collusion and market division allegations

📆 04-02-22 09:05:00
📰 Moneyweb

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The commission launched its investigation the day it received a complaint from a customer in January 2021. Moneyweb Wesbank CompCom Toyota

WesBank, the vehicle and asset finance division of JSE-listed FirstRand, believes its joint venture with Toyota Financial Services is “quite legitimate”. This follows the Competition Commission reporting on Thursday that it has referred motor vehicle finance institutions FirstRand Bank, Wesbank, and TFS to the Competition Tribunal for prosecution on allegations of dividing the market by allocating customers or suppliers.

” The commission added that FirstRand, TSA Investment Holdings Limited and Toyota Motor Finance Plc each have a 33.3% shareholding in TFS. Clauses “They concluded a shareholder agreement which includes clauses that prohibit WesBank from offering vehicle finance to customers seeking to purchase vehicles at authorised Toyota dealerships.

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