Competition concern as Irish banks attempt Revolut-style app   

KBC appears to have less control over Synch Payments project than others                  

Concerns about the huge market power wielded by AIB, Bank of Ireland, and Permanent TSB will be weighed by the Competition and Consumer Protection Commission (CCCP) as the lenders wait for a ruling on plans to set up a banking payments app to take on the likes of Revolut, a leading competition lawyer has said.

Ronan Dunne, head of EU and competition law at Philip Lee, said the competition regulator will carefully consider the changing circumstances caused by the exit of Ulster Bank and KBC, which further tightens the grip of the big lenders.