12 Turkish lenders fined TRY1.1 bn in antitrust case
Banks under investigation were Akbank, Denizbank, Finansbank, Garanti Bankasi, Halkbankasi, HSBC, ING Bank, Is Bankası, TEB, Vakifbank, Yapi Kredi Bankasi, Ziraat Bankasi.ANKARA
Turkey's competition watchdog has fined 12 Turkish lenders a combined 1.1 billion Turkish liras for restricting competition through collusion on rates.
The Competition Board said Friday the 12 banks breached the country's antitrust law through their practices between 2007 and 2011 when they agreed to jointly set maximum deposit rates, credit card fees and charges as well as rise in loan rates.
The banks under investigation were Akbank, Denizbank, Finansbank, Garanti Bankasi, Halkbankasi, HSBC, ING Bank, Is Bankası, TEB, Vakifbank, Yapi Kredi Bankasi ve Ziraat Bankasi.
The competition watchdog fined Akbank 172.1 million TL, Garanti Bankasi and its two affiliates 213.3 million TL, Yapi Kredi Bankasi 149.9 million TL, Turkiye Is Bankasi 146.6 millon TL, Finansbank 54 million TL, Halkbankasi 89.6 million TL, Vakiflar Bankasi 82.1 million TL, Ziraat Bankasi 148.2 million TL, Denizbank 23 million TL, HSBC Bank 14.8 million TL, ING Bank 12 million TL, and Turk Ekonomi Bankasi 10.6 million TL.
