Bank of Cyprus Fined €18 Million Over Credit Card Competition Concerns

Bank of Cyprus, the only eurozone bank to forcibly bail in depositors during the financial crisis, has been fined €18m by the island’s competition regulator for abusing its dominant market position in the credit cards, the Financial Times reported. The bank, which was restructured as part of the €10bn international rescue of the Cypriot banking sector in 2013, said in a statement on Wednesday it would appeal the fine “through all available court processes”. The Cyprus Commission for the Protection of Competition announced the fine on May 22. The bank said in the statement : “The fine arises from complaints filed in 2010 relating to the Bank’s alleged abuse of its dominant market position in its cards business.” The lender said it would reflect the fine “appropriately in its financial results for the quarter ended 31 March 2017″ but added it did not intend “at this stage” to adjust its guidance. The bank which moved its listing from Athens to London in January, was the only eurozone lender to forcibly bail in depositors to avoid outright collapse. Read more. (Subscription required.)