Bankers in Istanbul reel at $620 million fine
by Dominic O’Neill
Competition Board rules on rate fixing; new curbs on consumer lending expected.
After a more relaxed policy environment last year, the Turkish authorities seem to be stepping up the pressure on the local banking sector again.
The Competition Board, based in Ankara, slapped fines on 12 of the country’s biggest banks last month. It followed an investigation begun in late 2011 into allegations that banks colluded on setting rates for consumer loans and deposits.
More:Bankers in Istanbul reel at $620 million fine /Euromoney magazine
