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Bank of Cyprus fined

Alex Lynn | 10:25 Friday 26th May 2017

Bank of Cyprus has been issued an €18m (approximately £157m) fine amid concerns over credit card competition.

The Cyprus Commission for the Protection of Competition imposed the fine as a result of complaints filed in 2010 relating to the bank's alleged abuse of its dominant market position in its cards business.

In a statement, the Bank of Cyprus said: “The bank disagrees with the decision of the commission and intends to legally appeal against this decision through all available court processes.

“The bank intends to reflect this fine appropriately in its financial results for the quarter ended 31st March 2017 and does not at this stage change its financial guidance.”

Bank of Cyprus has 127 branches in Europe, four of which are located in the UK.

The company provides a range of financial products and services, including commercial banking, finance and fund management.

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