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Norway: Top Norway banks breached competition rules

 |  October 26, 2016

Norway’s two largest banks and other members of the financial industry may have illegally blocked a Swedish company from establishing an online payment system, the EFTA Surveillance Authority said on Wednesday.

The competition watchdog has opened proceedings against DNB , Nordea, lobby group Finance Norway and payments facilitator BankID, as well as Bits, a related organisation to Finance Norway, it said in a statement.

ESA said it received a complaint last year from Sweden’s Trustly regarding the alleged blocking of its ability to provide its service in Norway.

“ESA will investigate whether these members of the Norwegian banking community engaged in agreements, decisions or concerted practices aimed at blocking a new market entrant from providing a new e-payments service in Norway,” it said.

“The decision to open proceedings does not signify that ESA has made a finding of an infringement or prejudge in any way the outcome of the investigation. It only means that ESA will proceed with an in-depth investigation.”

Trustly helps customers make instant online payments direct from their bank accounts and is challenging banks and credit card firms in Europe.

Full Content: Reuters

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