The Cyprus-based six smaller banks (Alpha Bank, Arab Bank, Universal, the National Bank of Greece, the Commercial Bank of Greece and the Cooperative Central Bank) were found innocent by the Competition Protection Committee, the President of the Committee, Christodoulos Tsieleppos, told StockWatch on Tuesday.

The Cyprus’ three largest banks, however, will have to face further questioning, after the Committee decided to reject their initial appeals due to breaches of Article 4 of the relevant legislation. “The procedures will continue for the Bank of Cyprus, the Popular Bank and the Hellenic Bank”, Chairman Mr Tsielepos said.

The legal representatives of the three banks have been given the period of two weeks to present their case before the Court, having a full access to the administrative file of the Committee.