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Erste seeks court review of Hungary ruling on bank cartel

BUDAPEST, Nov 29 (Reuters) - The Hungarian arm of Erste will seek a court review of a recent ruling by Hungary's competition watchdog GVH, which fined several banks claiming they had operated a cartel during a repayment scheme for foreign currency mortgage holders.

The GVH had imposed fines totalling 9.5 billion forints on 11 commercial banks, including Erste.

Erste again denied any wrongdoing in its statement, and said it did not align its strategy with other banks and did not share information with other banks that qualify as trade secrets.

"Erste Bank Hungary Zrt initiates a review of the GVH's ruling as it believes the decision was unfounded," the bank said in a statement on Friday. (Reporting by Krisztina Than)