RIGA - Latvia's Competition Council has issued fines to 22 banks for their participation in a cartel that stretched from 2002 to January this year.
The cartel was accussed of charging an artificially high commission for banking services, including withdrawels at ATM machines and card usage in stores.
Fines ranged from 500 Lati for VEF Banka and LTB Bank, to nearly 3 million Lati to banking giant Swedbank. Other major banks involved include Citadele, SEB, Latvijas Krajbanka, DnB NORD, Nordea Bank, Rietumu and GE Money.
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