Two Turkish Banks Fined for Insurance Violations, Shares Slide
Turkey’s Treasury Ministry fined Yapi Kredi 187.1 million lira ($31.6 million) for violating an insurance law, the private bank said on Monday, days after Akbank announced it received a similar penalty.
Shares of the banks slipped in response, with Yapi Kredi down 1.3% and Akbank off 1.7% at 0734 GMT.
Istanbul’s main finance index was down 1.1% on Monday, after logging three straight down days last week as details emerged about a separate government probe into competition at Turkish lenders.
Yapi Kredi said in a statement to the Istanbul stock exchange it was fined and was warned that its insurance brokerage activity could be suspended for up to six months.
The bank was notified by the ministry of the violation in December but did not disclose it until it was notified of the final fine amount on Friday, it said.
Akbank said on Saturday it was fined 94.7 million lira and its insurance brokerage activity was suspended for 15 days to mid-February. It said the punishment would not have any “material impact” on its financial statements.
The law the banks violated prohibits sharing false information regarding companies’ services, actions that can harm clients, delaying compensation payments among some other details.
Both banks are using a 25% advance discount to pay the fines.
Separately, Turkey’s Competition Authority said last week it was conducting “preliminary research” into banks, and sources said officials visited banks to analyse computers regarding the probe on trading in the financial sector.
(Reporting by Berna Syuleymanoglu and Halilcan Soran in Gdansk and Ali Kucukgocmen in Istanbul; Editing by Jonathan Spicer)
© Thomson Reuters 2020.
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