AMKU concludes four-year case against PrivatBank: what this means for Ukraine’s banking sector
The Antimonopoly Committee of Ukraine (AMKU) has finalized a lengthy four-year investigation into PrivatBank, bringing an end to its review concerning the bank’s compliance with competitive legislation.
This resolution resulted from an in-depth analysis of the merchant acquiring services market, initiated in 2021.
According to the bank’s press release, the AMKU concluded that PrivatBank’s application of a unified fee for merchant acquiring services for both internal and interbank transactions complies with current legislation.
This approach is justified by the specifics of two interconnected markets—electronical payment instruments issuance and merchant acquiring services.
The bank emphasizes that, under Ukrainian law, interchange fees that are included in the acquiring fee are regulated by international payment systems Visa and MasterCard.
Furthermore, these interchange fees are vital for the development of cashless payment culture, enabling banks to issue more cards, offer cashback rewards, promotional campaigns, and introduce innovations.
Evgen Zaigraev, PrivatBank’s board member responsible for corporate and small to medium businesses, welcomed the AMKU’s decision, viewing it as a positive signal encouraging healthy market competition and technological advancement.
He noted that innovative services like ‘Terminal’ keep PrivatBank’s acquiring accessible even during power outages, improving customer service.
The bank expressed gratitude to the Antimonopoly Committee for a fair and comprehensive review, considering it beneficial for strengthening trust and stability within Ukraine’s financial sector.