Competition office fines OTP, Eximbank

Deals

Due to delayed submission of the request for approval for the acquisition of joint control over "Fordulat" Equity Fund, the Hungarian competition office (GVH) has fined OTP Bank and state-owned Magyar Export-Import Bank (Eximbank) HUF 32.85 mln and, at the same time, approved the two banks’ acquisition of joint control over the Fund, which had been under the sole control of OTP Bank, Hungarian news agency MTI reported today.

GVH justified the verdict by stating that although both are financial institutions, they cannot be considered competitors given the differing regulations governing their activities.

GVH levied a HUF 75,000 per day fine, below the legal maximum of HUF 200,000, taking into account that the two banks submitted their request for approval with a 438-day delay but they did so voluntarily and hiding the transaction was clearly not a motive.

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