In the meeting of the Competition Board of November 2, 2011,  it was decided that an investigation should be initiated concerning the undertakings titled 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. ve T.C. Ziraat Bankası A.Ş., Garanti Ödeme Sistemleri A.Ş. and Garanti Konut Finansmanı Danışmanlık A.Ş., all of which operate within the banking services market. The purpose of the investigation will be to establish whether the aforementioned undertakings engaged in the practices prohibited under Article 4 of the Act no 4054 on the Protection of Competition, which concerns anti-competitive agreements, concerted practices and decisions of associations of undertakings.

Note:      

• Article 4 of the Act no 4054 prohibits agreements and concerted practices between undertakings as well as decisions and practices by associations of undertakings which prevent competition, including cartels in particular.
• The duration of the investigations conducted by the Competition Board may vary based on various factors such as the nature of each file, the degree of cooperation with the Board by the relevant undertakings during the process, and the period granted to the undertakings to exercise their rights of defense.
• Investigation decisions taken by the Competition Board are announced to the public following the notification of the decision to the undertakings or associations of undertakings under investigation.
• These declarations, which are made within the framework of informing the public on Competition Board decisions, can not be interpreted to mean the undertakings or associations of undertakings under investigation have violated the Act no 4054 and that they have faced or will face sanctions under the Act.     
• In case undertakings which engaged in the practices listed in article 4 of the Act on the Protection of Competition apply for leniency under the provisions of the "Regulation On Active Cooperation For Detecting Cartels," an administrative fine may not be imposed for these undertakings, or there may be discounts over the amount of the administrative fine imposed.
• Click here for information on leniency applications.