Fees and commissions account for about 12 per cent of total bank revenue/Bloomberg
by BloombergTurkey has lowered the fees banks earn on their customers’ transactions as policymakers urge lenders to focus on expanding credit.
The changes, published in the Official Gazette, dramatically cut down the number and types of commissions banks can charge retail and commercial clients.
The new regulations underscore the government’s criticism of private banks for focusing on profit instead of boosting credit at the same pace as state lenders. The decision to lower banking charges came after Turkey’s anti-trust authorities started a preliminary probe into more than 20 lenders to determine whether they violated competition law in offering deposit, credit, foreign-exchange and brokerage services to clients.
Fees and commissions account for about 12 per cent of total bank revenue, according to data compiled by the banking watchdog. Income from the charges rose 33 per cent in the year through December 2019.
MOST READ
INVESTMENT
Aldar to invest AED 2 million in Abu Dhabi...INVESTMENT
Oil drops 31 per cent as price war erupts...INVESTMENT
India seizes Yes Bank, limits withdrawalsINVESTMENT
ING Groep plans to sell its Turkish unitINVESTMENT
Bahrain considers stake sell in oil assetsINVESTMENT
SABB seeks to boost corporate lendingINVESTMENT
UBS launches new private client programINVESTMENT
Dubai’s W Motors seeks funds to go electricINVESTMENT
Egypt plans to resume IPOs of parastatalsINVESTMENT
HSBC considering exiting from TurkeyINVESTMENT
Zimbabwe turns to UAE to sell a stake in...INVESTMENT
Dubai's DP World buys 44 per cent stake in...
CPI Financial was established in Dubai in 1999 to meet the needs of an ever-expanding financial community, offering a comprehensive portfolio of market-leading products and services tailor-made for the banking and financial services sectors.
Loading More post
