WOOD Flash – Turkish banks: regulation risk on fees realised
Yesterday morning (10 February), the Turkish banking watchdog and the central bank made announcements indicating that the fees charged to both consumers and businesses will be regulated more heavily. The heavy hit will be on money transfer fees, and we understand that the banks’ ability to price products that bear consumer fees has been effectively ended. The short-term financial impact on the 2020E fees will obviously be negative. However, we believe that the bigger picture is more gloomy. In our view, the government and bureaucracy’s stance on the banking sector is not supportive for the sector. This could be a significant strategic hurdle when most of the Turkish banks are not economically viable – i.e., not able to match their ROEs with their capital costs.
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