The Lithuanian Competition Council announced on July 20 that the local branch of Swedbank has made concessions in order to resolve an ongoing investigation into allegations of the bank abusing its dominant position.
The competition regulator opened an investigation in January into whether Swedbank, the country’s largest retail bank, had engaged in anti-competitive behavior.
The probe followed a complaint from a local competitor which alleged that its contract to use Swedbank’s electronic payment collection system prevented it from offering a competing product.
Swedbank now has offered to remove the offending clauses from its contracts.
Swedbank faces fines of up to 10% of its annual revenue if it is found to have violated antitrust regulations.
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