Akbank Joins Isbank in Home Loan Cut as Erdogan Push ObeyedBy
Largest Turkish lender cuts rates second time in three months
President warned banking industry to curb costs in August
Akbank TAS, Turkey’s second-largest lender by market value, followed rival Isbank in cutting mortgage rates for a second time in three months after the nation’s president called on lenders to ease borrowing costs.
Turkiye Is Bankasi AS, as Isbank is more formally known, is reducing loan rates by 5 basis points to 0.90 percent a month, Chief Executive Officer Adnan Bali said at a news conference Monday in Istanbul, adding that he hoped others would follow suit. They did: just hours later, Akbank said it would match that rate on loans of up to two years maturity…
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