Turkiye Garanti Bankasi A.S. Faces Competition Board Investigation

Turkiye Garanti Bankasi A.S. (TGBD) has disclosed details of an ongoing investigation by the Competition Board. Initiated to determine potential violations of Article 4 of Law No. 4054 concerning competition protection in the labor market, the investigation proceeds with significant financial implications.

The Board resolved that a settlement procedure will conclude the investigation. This follows Garanti's agreement to pay an administrative fine amounting to 1,547,608,979.25 TL. The settlement decision, numbered 26-19/601-237, outlines terms under which this payment will be made, signaling the final phase of the inquiry.

Garanti BBVA affirms that its disclosure aligns with standards set forth in the Board’s Communiqué. The bank maintains responsibility for accuracy and completeness in its declarations regarding this matter.