The Namibian Competition Commission (NaCC) has resolved to initiate two investigations against First National Bank and others in terms of Section 33 of the Namibian Competition Act, 2003 (No. 2 of 2003).
The first investigation relates to the alleged historic fixing of interchange rates through the Payments Association of Namibia (PAN), by commercial banks. This investigation includes PAN, and all registered commercial banks comprising of FNB; Banco ATLANTICO Europa – Namibian Branch; Bank BIC Namibia; Bank Windhoek; Letshego Bank Namibia; Nampost Savings Bank; Nedbank Namibia; Standard Bank Namibia; and Trustco Bank Namibia.
The second investigation is against the Bankers Association of Namibia, FNB, Bank Windhoek, Standard Bank and Nedbank for possible discriminatory conduct (applying dissimilar conditions to equivalent transactions) in the provision of fire insurance (“cover”) for home loans, unfair pricing of certain ancillary services, as well as discrimination (dissimilar conditions to equivalent transactions) in the provision of home loans to clients belonging to other banks vis-a-vis their own clients.
“The Commission has engaged all the affected parties and afforded them the opportunity to respond to the allegations. Upon receipt of the responses to the allegations, the Commission will conduct an assessment and stemming therefrom, determine the relevant cause of action,” NaCC said.