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.
SIGN UP TO OUR NEWSLETTER TO RECEIVE MORE NEWS LIKE THIS STORY
Wyelands Bank completes $12m trade finance deal
Wyelands Bank has provided a trade finance deal for Canon Garth worth up to $12m annually...
The UK's SME productivity challenge
There are many millstones hanging around the neck of Britain’s economy in early 2019...
Metro Bank, Starling and ClearBank awarded £280m of funding
Metro Bank has secured £120m in funding from Banking Competition Remedies Limited (BCR)...
Falcon Private Bank to discontinue UK operations
Falcon Private Bank has decided to discontinue its UK operations and sell the assets of its London-based subsidiary, Falcon Private Wealth Ltd, to Dolfin Financial (UK) Ltd...
Revolut CEO calls for specialised tech visas
Nik Storonsky, CEO at Revolut (pictured above), has called on the UK government to introduce specialised visas for technology professionals...
Aldermore appoints new head of intermediary distribution
Aldermore has appointed Nick Parker (pictured above) as its new head of intermediary distribution within its retail mortgage business...
Ipswich Building Society to develop enhanced savings proposition over next two years
Ipswich Building Society has confirmed that it will develop an enhanced savings proposition over the next two years, with a focus on both digital and face-to-face services...
BTR: Tenant poacher or happy bedfellow?
The sand has been shifting so much under the feet of private landlords that many may believe they are becoming an endangered species...
Paragon bolsters asset finance team
Paragon has appointed Jan Greenhalgh as head of new business within its asset finance division...
Gatehouse Bank appoints new director
Gatehouse Bank has appointed Roger Evans (pictured above) as its new director of home finance distribution...
Rob Lankey to join Shawbrook as director of commercial investment
Shawbrook has announced that Rob Lankey (pictured above) will join as its new director of commercial investment at the end of February...