Hungary Probes Banks Over Cartel Activity

Law360, Los Angeles (November 23, 2011, 4:15 PM EST) -- Hungary is investigating a group of banks over alleged cartel activity in the residential mortgage loan market, the country's antitrust regulators announced Wednesday.

Hungary's Competition Authority is probing OTP Bank, Raiffeisen Bank, CIB Bank Ltd., Fundamenta-Housing Cashier Inc. and the local branches of Erste Bank UniCredit Bank and MKB Bank, according to a statement.

The agency said it has already made unannounced visits to bank offices.

The investigation was initiated after several financial institutions either raised interest rates on residential mortgage loans or introduced new products...
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