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Turkish Competition Board initiated investigation against 12 banks

Turkish Competition Board resolved at its meeting of 2 November 2011 for an investigation against Akbank T.A.Ş., Denizbank A.Ş., Finans Bank A.Ş., HSBC Bank A.Ş., ING Bank A.Ş., Türk Ekonomi Bankası A.Ş., Türkiye Garanti Bankası A.Ş., Türkiye Halk Bankası A.Ş., Türkiye İş Bankası A.Ş., Türkiye Vakıflar Bankası T.A.O., Yapı ve Kredi Bankası A.Ş. and T.C. Ziraat Bankası A.Ş. as well as Garanti Ödeme Sistemleri A.Ş. and Garanti Konut Finansmanı Danışmanlık A.Ş. Such investigation is to be conducted to determine whether these entities have been in breach of Article of Law on Protection of Competition where anti-competitive agreements, concerted practises and decisions of union of enterprises are strictly prohibited.