Akbank, Turkish third largest private lender
by assets, has kicked off a promotional deposit campaign to attract
more deposits amidst ongoing shortage of long term investments in
Tunc Akyurt, executive vice president for
strategy, CRM, products and channel development told RBI that the
bank was targetting the mass market.
The interview with Akyurt is part of RBI’s
ongoing series on Turkish banks and will be published in the
upcoming issue of RBI.
Akbank is offering 9.5% interest rate on
savings of less than TRY100,000 ($65,541.40) deposited via tha
bank’s internet branch.
The 9.5% interest rate applies to deposits
with a maturity of between 365 and 400 days and is one of Akbank’s
strategic reactions to the rise in the reserve requirements.
The bank is aiming to attract customers who
will deposit their savings in the longer term.
Akbank estimated that 90 percent of all deposits were kept for
about three months.
The move follows that of
Netherlands-headquartered ING’s Turkish subsidiary in February.
ING Turkey had launched a savings account
which required no minimum deposit and offered a high promotional
interest rate of 9.5%.
ING Direct’s Orange account – widely available
in Europe and the US – offers Turkish customers 9.5 percent
for deposits, falling to 8.5 percent after a promotional 90 day