The investigation conducted in order to determine whether twelve banks operating in Turkey violated article 4 of the Act no 4054 on the Protection of Competition by making agreements and/or engaging in concerted practices in the deposits, loans and credit cards sector was concluded.

The investigation was opened as a result of the preliminary inquiry initiated by the Board in response to the claims that credit card issuing banks determined interest rates including retail and late interest rates in collusion, in order to establish whether all interest rates consisting of those for deposits, loans and credit cards were determined jointly. 

During the investigation phase, it was examined whether the twelve banks under investigation

- determined maximum interest rates for deposits and increases in interest rates for loans jointly;

- engaged in price coordination by informing unannounced interest rate changes to competitors and by exchanging competition-sensitive, prospective strategic information with competitors;

- made agreements concerning price increases in fees and commissions for credit cards; and whether

- banks with public capital engaged in collusive bidding in public deposit tenders.
As a result of the discussion of the file by the Competition Board, it was determined that article 4 of the Act no 4054 on the Protection of Competition was violated in the deposits, loans and credit cards sector.

Click here for the text of the pronouncement (in Turkish) dated 08.03.2013 and numbered 13-13/198-100, the reasoned decision for which will be notified later and which can be appealed before Ankara Administrative Courts.