GVH closes investigation of MasterCard, OTP agreement

Analysis

Hungaryʼs Competition Office (GVH) ended the investigation of a contract between MasterCard and OTP Bank, signed in 2012, after the companies agreed to cancel part of the contract that restricted competition, GVH reported yesterday.

According to GVH, OTP originally pledged to use MasterCard products for more than 80% of the bank cards it issued, and MasterCard offered assistance to reach the target. GVH said the target exceeded the European Commissionʼs 80% limit for such cooperation, and the companies agreed to retroactively cancel the clause in the contract.

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