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Competition Office fines Visa and MasterCard, banks combined HUF 1.9bn for cartel activity

Hungary's Competition Office (GVH) on Thursday said it fined Visa and MasterCard as well as a number of banks a combined HUF 1.9 billion for cartel activity.

GVH fined Visa and MasterCard HUF 477million apiece. It fined OTP Bank HUF 281 million, Budapest Bank HUF 188 million, MKB Bank HUF 84 million, K&H Bank HUF 127 million, CIB Bank HUF 91 million, Erste Bank HUF 107 million and the Hungarian branch of ING HUF 90 million. GVH said the Hungarian banks agreed already in 1996 that they would set the same interbank commissions for both Visa and MasterCard cards. (MTI-Econews)