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Severe fines by Turkish Competition Board against 12 Turkish banks

 The investigation initiated by Turkish Competition Board on November 2011 in relation to the certain activities of 12 Turkish banks resulted with severe fines with a total of TL 1.1 bn. (approximately USD 620 m.). The decision was announced after the market close on March 8, 2013. The investigation was initiated with the claim that such 12 banks were agreeing to set maximum deposit rates, interest rates, increases on credit cards and commissions and fees for card services. The total amount of the fines proves to be the highest fine applied by Turkish Competition Board up to date.