Competition investigation launched into the banking sector

The Competition Board has initiated a new investigation process regarding whether competition conditions in labor markets have been violated. In a notification made by Yapı Kredi to the Public Disclosure Platform (KAP), it was stated that an administrative investigation has been launched into many banks and financial institutions to determine whether there is any situation contrary to the rules.

It was stated that the investigation is being conducted to examine a potential violation of Article 4 of the Law on the Protection of Competition No. 4054. In the relevant statement, it was specifically noted that the investigation does not mean that the institutions have acted in violation of the legislation or that any penalty will be imposed.

The statement from the bank included the phrase, "The initiation of an investigation does not mean that the relevant undertakings have acted in violation of the law or will be subject to penalties."

It was also emphasized in the statement that significant developments and the process will be conveyed to the public in a transparent manner within the scope of capital market legislation. New information regarding the results of the competition investigation is expected to be shared in the coming periods.

News Source: 12punto