Investigation of banks dropped

 A statement from the Competition Authority, issued yesterday says the complaint was that the said banks favour certain law firms who, without any competitive process, are chosen and constituted into panels that would exclusively provide the banks with legal services to the exclusion of all other law firms.

"The Authority has found that a process does exist which banks use to constitute the said panels. This process and/or criteria used by the said banks in selecting law firms to provide them with legal services was found to be fair, justifiable and competitive. These law firms in the said panels, as the Authority found, are rigorously vetted and a competitive process applied so as to come up with the best/suitable firms that would be constituted into the said panels," says the statement.