January 22, 2019 / 11:50 AM / 3 months ago

Mastercard: EU fine of 570 million euros to be taken as charge in the fourth quarter of 2018

A Mastercard logo is seen on a credit card in this picture illustration August 30, 2017. REUTERS/Thomas White/Illustration

BRUSSELS (Reuters) - Mastercard (MA.N) said on Tuesday that an EU antitrust fine of 570.6 million euros ($648.3 million) would be taken as a charge in the fourth quarter of 2018, calling the closure of the case an important milestone for the company.

“This decision relates to historic practices only, covers a limited period of time of less than 2 years and will not require any modification of Mastercard’s current business practices,” it said in a statement.

The European Commission said earlier on Tuesday that it had fined for limiting the possibility for merchants to benefit from better conditions offered by banks elsewhere in the European Union.

Reporting by Foo Yun Chee and Alissa de Carbonnel; editing by Philip Blenkinsop

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