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News

Banks under scrutiny

December 3, 2012 6:04 pm

The Commerce Commission is now looking into possible collusion between ANZ Bank and BSP in price fixing.

Commission Chairman Dr. Mahendra Reddy claims this could be linked to the recent opening of BRED Bank.

He says having the same interest rates for home and car loans launched almost together – has made him curious.

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“We have now begun our due diligence to ensure there’s no collusion in price setting in the financial sector between the two players. At the moment, we see tactic collusion.”

BSP Country Manager Kevin McCarthy rejected the allegations saying BSP categorically deny that we are consulting with any other Banks to set prices for the Fiji Market.

ANZ Bank is expected to respond later.

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