CCM finds 8 Banks in Breach of Competition Act 2007

The study was conducted among 13 commercial banks. The findings are published in its final report on the alleged bundling of insurance and credit products in the banking sector.

The banks which were under scrutiny were Bank One Limited, Barclays Bank Plc, Banque des Mascareignes Limitée, Bramer Banking Corporation Ltd, The Hong kong and Shanghai Banking Corporation (HSBC) Limited, The Mauritius Commercial Bank Ltd, Mauritius Post and Cooperative Bank Ltd and The State Bank of Mauritius Ltd.

On the other hand the commissioners have cleared ABC Banking Corporation, AfrAsia Bank Limited, Bank of Baroda, Habib Bank Limited and the SBI (Mauritius) Ltd.

The commissioners found that the eight contravening banks are individually in a monopoly situation at the point of sale and held that with the exception of SBI have seemingly used their dominant position to influence their home loan customers to purchase DTA from one of the DTA providers, with which they have an agreement, leading to consumers exploitation. By favouring their DTA partners, all eight banks are individually foreclosing the market to exclude other DTA providers.