The Turkish Competition Authority publishes a decision ruling that state owned financial entities are under the Same Economic Unity (Gunes Sigorta / Vakifbank)

On 9 December 2020, the Turkish Competition Authority (“TCA”) published a reasoned decision concerning an individual exemption application regarding two bancassurance agreements signed between (i) Güneş Sigorta A.Ş. (“Güneş Sigorta”) and Türkiye Vakıflar Bankası T.A.O. (“Vakıfbank”), (ii) Vakıf Emeklilik ve Hayat A.Ş. (“Vakıf Emeklilik”) and Vakıfbank. Concerned bancassurance agreements are aimed to gather non-life insurance services, life insurance services and personal pension services under one roof. The TCA ruled that concerned agreements do not fall within the scope of Article 4 of the Law No. 4054 on the Protection of Competition (“Competition Law”) because undertakings on each side of the agreements are not considered as separate undertakings. The Transaction Concerning the Unification of

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Caner Cesit, Burak Bugrahan Sezer, The Turkish Competition Authority publishes a decision ruling that state owned financial entities are under the Same Economic Unity (Gunes Sigorta / Vakifbank), 9 December 2020, e-Competitions December 2020, Art. N° 99342

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