Posted by meb at February 25th, 2013
Turkey’s Competition Authority (RK) hears the defense today of a dozen banks under investigation for alleged collusion in setting loan rates.
The RK will hear the banks’ cases at 10 a.m. at its headquarters in Ankara. The verdict is expected in the following 15 days. RK said back in November it would seek to issue a collective fine worth TL 4.8 billion ($2.65 billion) if it finds the banks guilty of colluding on interest rates. The 12 banks, which include the country’s four largest banks — Akbank, Garanti Bank, Ä°ÅŸ BankasÄ± and Ziraat BankasÄ± — allegedly agreed to cooperate and set interest rates as high as 14 percent for customers, an RK investigation dating back to November 2011 says. (more…)