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CARTELS: The AMO SR initiated administrative proceedings against the undertaking in the banking sector

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Based on its own initiative the Antimonopoly Office of the Slovak Republic, Division of Cartels initiated the administrative proceedings against the undertaking acting in the banking sector in the territory of the Slovak Republic in the matter of possible agreement restricting competition. These administrative proceedings refer to possible infringement of both the Slovak and the European competition law.

Administrative proceedings were preceded by more unannounced dawn raids in the business premises of relevant entities – banks, including their association. Based on acquired documents the Office found out that the agreement restricting competition might have been concluded through exchange of sensitive information between the association members and through coordination of their activities in the area of providing financial services. Such platform could enable the association members to envisage the behaviour of competitors in the market and thus decrease the intensity of competition.

The fact that the Office initiated the administrative proceedings does not imply that the party to the proceedings has infringed the competition rules, nor does it prejudge the conclusions which the Antimonopoly Office of the SR may reach in its decision.