Romania: Volksbank Signs Agreement with Four Other Banks Working in Romania

29. Juni 2006, 00:00

Volksbank Romania signed an agreement with several banks operating in Romania, which establishes a common...

Volksbank Romania signed an agreement with several banks operating in Romania, which establishes a common fee for ATM transactions. These banks are Alpha Bank Romania, Banca Romaneasca, Piraeus Bank, Romania, and Banca Transilvania.

The five banks have requested that the Competition Council grant them the benefit of an individual exception in the case of the agreement.

According to a communiqué of the Competition Council, the competition law bans any kind of agreement, express or silent, among economic operators or associations of economic operators and any kind of concerted practice the object or effect of which is the restriction, hindering or distortion of competition on the Romanian market or on part of it.

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