Banks to pay fines for ATM cartel

The Competition Commission slapped a total fine of CYP 100.000 on Bank of Cyprus, Laiki Bank and Hellenic Bank for breaching competition laws with regard to the placement of ATM machines

The Competition Commission found that the banks had colluded to install ATMs at prearranged locations, thereby restricting the choices available to customers.

The banks were also under suspicion of colluding on the value of ATM service fees to credit card company JCC, but were cleared of the charge due to insufficient evidence.

The fine, to be paid immediately, will be apportioned according to each bank’s market share. The Competition Commission said that the unanimous decision of its Board to impose the lenient fine of CYP 100.000 was made after taking into consideration the fact that the banks cooperated with the investigation.