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February 21, 2008
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Thursday
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Safar 13, 1429
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Commission resumes hearing against banks
By Our Staff Reporter
ISLAMABAD, Feb 20: The Competition Commission of Pakistan (CCP) on Wednesday resumed public hearing against alleged cartel-like behaviour of banks.
The commission heard the point of view of the representatives of SME Bank Ltd, the Bank of Khyber, Zarai Taraqiati Bank Ltd, Askari Bank Limited, Khushhali Bank and First Microfinance Bank Ltd.
The hearing will continue on Thursday when top executives of Punjab Provincial Cooperative Bank Ltd, AL Baraka Islamic Bank and the Bank of Punjab will appear before the commission.
The CCP had served notices on the Pakistan Banks Association (PBA) and 41 banks under section 30 of the Competition Ordinance, 2007, asking these banks to appear before it and explain their position regarding collectively introducing different financial products and fixing of profit rates under the auspices of PBA.
Thirty-two banks and the PBA appeared before the CCP during three days of hearing held in Karachi last week.
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