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GVH fines 3 local banks for Ft 37 mln

The Hungarian competition authority (GVH) has fined three commercial banks in Hungary a total of Ft 37 million ($205,361) for misleading advertising of their credit cards, authority said in a statement.

Citicorp’s local unit Citibank Hungary Zrt was fined Ft 20 million, Erste Bank’s Hungarian unit Ft 2 million and K&H Bank, a subsidiary of the Belgian KBC NV, was fined Ft 15 million. GVH is conducting an investigation of the entire Hungarian credit card market.

All three banks were found guilty of giving misleading information to customers regarding the interest-free period offered on their credit cards. GVH is currently investigating five other banks regarding their credit card advertisements, the release said. (cnn.com)