News Brief08:39 AM

(IsraelNN.com) The Antitrust Authority has warned five leading banks it intends to rule that the financial institutions shared information before setting fees for various services, Globes reported. Bank HaPoalim has denied the charges against it and Bank Leumi, Israel Discount Bank, Bank Mizrachi and First International Bank of Israel.

A hearing will be held to allow the banks to argue there is no need for the ruling by Antitrust Authority director general Ronit Kan. The investigation on bank fees began more than three years, and sources told Globes that there is not enough evidence to file criminal charges of collusion. Kan plans to rule that bank executives shared information concerning how fees are collected.