Slovakia’s top banks accused of creating cartel to oust player from forex market – anti-trust office
CSOB, the fourth largest bank in Slovakia, was fined EUR 3.18 mln by the anti-trust watchdog, the PMU, for allegedly colluding with other banks to oust a Czech broker from the market, the local media reported, Nov. 12.
“The Slovak antitrust office PMU has imposed a EUR 3.18 mln (KC 86 mln) fine on Slovak bank CSOB and said the bank in the past took part in a cartel agreement against Czech forex broker Akcenta CZ […],” according to Slovakian news portal The Daily Sk.
The other banks named by the PMU were bank Slovenska Sporitelna and bank VUB. According to the cartel division of the anti-monopoly office, AMO, the banks consorted to cancel Akcenta’s accounts, as well as agreeing not to renew its contracts. These actions were allegedly taken in 2009.
Bank CSOB, which is registered in the Czech Republic and owned by Belgian financial group KBC, consequently announced that it will be appealing the decision.