Turkey's competition authority launches investigation into more than 20 banks

Turkey’s Competition Authority launched a preliminary investigation into more than 20 banks over possible violations of competition rules in the deposit, exchange and intermediary services, Habertürk reported on Friday.

The name and the exact number of banks under investigation has not been announced. 

The competition authority’s website listed no new investigations. 

There are 53 domestic and foreign banks in Turkey, according to latest data the Banking Regulation and Supervision Agency (BDDK) published in September. 

The competition authority launched an investigation into banks in Turkey in 2011 and fined 12 Turkish lenders a combined 1.1 billion Turkish liras ($186,735 million) for restricting competition through collusion on rates.

Turkey’s Council of State accepted the appeal of the 12 banks and has not yet announced its final verdict on administrative fines decided by the competition authority.