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Akbank Joins Isbank in Home Loan Cut as Erdogan Push Obeyed | Tony Seruga
Oct
31

Akbank Joins Isbank in Home Loan Cut as Erdogan Push Obeyed

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  • 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…

Akbank Joins Isbank in Home Loan Cut as Erdogan Push Obeyed

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