Turkish watchdog fines ING, RBS for unfair competition in corporate loans

Turkey's Competition Authority (RK) fined ING Bank and the Royal Bank of Scotland (RBS) as a result of an ongoing investigation on 13 banks for setting up a cartel in corporate loans.

Accordingly, ING Bank was fined 21 million Turkish liras ($5.32 million) and RBS Istanbul Branch was fined TL 66,000 ($16.710).

The investigation was launched on 13 banks upon the application of the Bank of Tokyo Mitsubishi UFJ, which admitted that the banks have breached fair competition through concerted action.

The fine issued for the Bank of Tokyo Mitsubishi UFJ was cancelled as a result of its confessor role and cooperation in the investigation.

The RK did not deem fines necessary for other banks probed as part of the investigation, which were namely Citibank A.Ş., Deutsche Bank A.Ş., HSBC Bank A.Ş., JPMorgan Chase Bank N.A. Istanbul Branch, Merrill Lynch Yatırım Bank A.Ş., Société Générale (S.A.) Istanbul Branch, Standard Chartered Yatırım Bankası Türk A.Ş., Sumitomo Mitsui Banking Corporation, Türk Ekonomi Bankası A.Ş (Economy Bank of Turkey – TEB) and UBS AG.

The ruling may be appealed.