The Cypriot Competition Authority imposes €31M fine on nine commercial banks for anticompetitive practices (JCC)

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Cypriot Competition Authority, JCC, No 6/2016, Press Release, 27 January 2016 (Cypriot)

On 27/01/2016 the Cyprus Commission for the Protection of Competition (“CPC”) ended its investigation against eight commercial banks (Bank of Cyprus Public Company Ltd (“BOC”), Marfin Popular Bank Public Co Ltd (“Marfin”), Hellenic Bank Ltd (“Hellenic Bank”), Alpha Bank Cyprus Ltd (“Alpha Bank”), National Bank of Greece (Cyprus) Ltd (“National Bank”), Emporiki Bank Cyprus Ltd (“Emporiki”), Societe Generale Cyprus Ltd (“Societe Generale”) and USB Bank Ltd (“USB Bank”)) and a card processing company, namely, JCC Payment Systems Ltd (“JCC”), for the existence of possible anticompetitive collusion and abuse of dominance practices in violation of national competition law, in particular Sections 3 and 6 of Law 13(I)/2008 (the “Law”), as amended by the Protection of Competition (Amending) Law 41(I)/2014, and

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Panayiotis Agisilaou, Stephanie Theodotou, The Cypriot Competition Authority imposes €31M fine on nine commercial banks for anticompetitive practices (JCC), 27 January 2016, e-Competitions Collective dominance, Art. N° 84369

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