Earlier this month, the board of the Turkish Competition Authority fined a dozen of the country’s banks 1.1 billion Turkish lira (approximately AUD 580 million) for colluding over maximum deposit rates, credit card interest rate increases, and commissions and fees for card services.

The fine represented the biggest ever imposed by the regulator on the banking sector and was imposed after a 16 month investigation into the conduct of the banks.

Garanti Bank – the second largest private bank in the country – received the highest penalty of 213 million Turkish lira (approximately AUD 112 million).  The next highest fine imposed was on Akbank, who was fined 172 million lira (approximately AUD 90.6 million).  Yapi Kredi was fined 150 million lira (approximately AUD 79 million).

The individual fines represented between 0.3% and 1.5% of the banks’ annual turnover in 2011, compared with the maximum fine of 10% of annual turnover which could have been imposed.

Several of the banks, including Garanti Bank, have indicated that they will appeal the decision.