Competition Authority Fined 12 Turkish Banks for Anti-Trust Breach
Turkey's competition watchdog has fined 12 Turkish banks a combined 1.1 billion Turkish liras for restricting competition through collusion on rates. The board‟s investigation into complaints they received regarding alleged misbehavior concluded that all 12 banks investigated had adopted anti-competitive policies regarding loan and return-on-assets rates as well as credit card services and imposed fines up to 1.5 percent of total revenue. According to the Competition Board 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, Fi-nansbank, 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 mil-lion TL, and Turk Ekonomi Bankasi 10.6 million TL.
Başkent Doğalgaz Dağıtım A.Ş. Privatization Authorized
Within the framework of the privatization of all of the shares of Başkent Doğalgaz Dağıtım A.Ş. via block sales, it was decided that there were no drawbacks to the acquisition of the relevant shares by any of the following bidders: - Torunlar Sanayi ve Ticaret A.Ş., or - Akfen Holding A.Ş. – STFA Yatırım Holding A.Ş. Joint Venture Group, or - Fernas İnşaat A.Ş., or - Türkerler İnşaat Tur. Mad. Ener. Üretim Tic. ve San. A.Ş. – Gama Holding A.Ş. Joint Venture Group
Competition Authority Concluded 189 Investigations in 15 Years
As known, the main purpose of the Act no 4054 on the Protection of Competition is the prohibition of restrictions of competition which may arise as a result of agreements between undertakings, concerted practices and decisions of associations of undertakings. In order to guarantee and protect competition in the markets, Competition Authority, which was established in order to supervise the enforcement of the Act no 4054 and to carry out the duties specified by the said Act, has concluded and taken final decisions concerning a total of 189 investigation files during the 15 years since its foundation through its decision-making body Competition Board.
Originally published March 2013
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