ANKARA – Anatolia News Agency
The 12 banks, Akbank, Denizbank, Finansbank, HSBC, ING, TEB, Garanti, Halk Bank, Isbank, Vakifbank, Yapi Kredi and state-owned Ziraat Bank were fined for having adopted anti-competitive policies regarding loan and return-on-assets rates as well as credit card services. DAILY NEWS photo, Emrah GÜREL
Turkey’s Competition Board fined 12 Turkish banks on March 8 after finding evidence of collusion in determining loan 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.
The 12 Turkish banks Akbank, Denizbank, Finansbank, HSBC, ING, TEB, Garanti, Halk Bank, Isbank, Vakifbank, Yapi Kredi and state-owned Ziraat Bank had claimed they were the backbone of the Turkish economy, implying their fall would shake up the economy.
Bank representatives justified their positions by arguing their banks’ role and ranking in the market and claimed a high-ranking bank wouldn’t dare jeopardize its already beneficial position to form an illegal cartel.
Turkey's competition watchdog found fault with the a unanimous vote seven bank, among which the biggest banks of the country such as Garanti Bank, Isbank, Akbank, Yapı Kredi and state-owned Ziraat Bank. Akbank, Garanti Bank and Yapı Kredi were fined with 1.5 percent of their yearly total revenue. Garanti Bank will pay the highest fine at 213.4 million Turkish Liras, followed by Akbank with 172.2 million liras and Yapı Kredi with 149.9 million liras.
Five other banks were imposed fines totaling 1 percent of their yearly total revenue, including Ziraat Bank who was fined with 148.2 million liras and Isbank with a fine of 146.5 million liras. Denzibank, the Turkish branch of HSBC, and ING were fined with 0.6 percent of their yearly revenue, while TEB closed the list with a fine equivalent to 0.3 percent of its yearly revenue.