Banks, Competition, Financial Services, Legislation, Lithuania

International Internet Magazine. Baltic States news & analytics Monday, 16.09.2019, 09:44

Lithuanian watchdog probes possible abuse of dominant position by Swedbank

BC, Vilnius, 19.01.2017.Print version
The Lithuanian Competition Council (LCC) has launched a probe into whether or not Swedbank, one of the country's biggest banks, has abused a dominant position, reports LETA/BNS.

The competition watchdog has announced that it opened on Dec. 20, 2016 an investigation into Swedbank's compliance with Article 7 of the Law on Competition, which prohibits abusing a dominant position in a relevant market "by performing any acts which restrict or may restrict competition, limit, without due cause, the possibilities of other undertakings to act in the market or violate the interests of consumers".

Officials at the LCC would not comment on ongoing investigations. Officials at the central Bank of Lithuania promised to comment later.

Stasys Kropas, president of the Lithuanian Banks' Association, told BNS that he knew nothing about the probe and was unable to comment on it.

Swedbank last June took over Danske Bank's retail banking customers in a deal that was closed in late Mach. The value of the deal was not disclosed.

According to the LCC, Swedbank held a 30-40% share of the retail banking market in the first half of 2015 and Danske Bank held up to 5%. The combined market share of the two banks amounted to 40-50%t.

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