Probe launched into suspected bank cartel, as fresh raid carried out

Competition Commission officials launched extensive inspections without prior warning at the headquarters of the country's four systemic banks as well as the Hellenic Bank Association (EET) and DIAS Interbank Systems on Thursday, in a bid to probe possible cartel practices regarding customer charges.

It was around 9.30 a.m. on Thursday when 80 inspectors split into squads and stormed the offices of National, Piraeus, Alpha and Eurobank, and those of EET and DIAS, following a warning in Parliament by Development Minister Adonis Georgiadis last week that the watchdog might launch an investigation into harmonized practices. A second raid was being carried out on Friday, aimed at focusing on the retail and digital banking sectors.

Nevertheless the inspections, regarding which a formal announcement is expected on Friday, were not ordered by the government. This was an ex...

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