Garanti BBVA fined 1.55 billion TL by Turkish Competition Authority

The Turkish Competition Authority has imposed an administrative fine of approximately 1.55 billion Turkish Liras (roughly 28 million euros) on Garanti BBVA. The penalty follows an investigation into potential violations of competition laws within the labor market.

The investigation focused on whether the bank and other entities engaged in practices such as non-solicitation or non-hiring agreements, as well as the exchange of sensitive competitive information regarding the labor market. The probe involved more than 25 companies, including other financial institutions like HSBC and ING.

Garanti BBVA has opted to resolve the investigation through a settlement process. The bank confirmed via the Public Disclosure Platform (KAP) that the proceedings will conclude upon the payment of the administrative fine, which totals 1,547,608,979.25 Turkish Liras.