Hansapank doubts competitor

  • 2003-04-24

Estonia's Hansapank said Nordea Bank's 3.95 percent housing-loan campaign launched this week was misleading, as people could not be made to act so fast with such decisions such as housing loans.

"In our opinion the offer is misleading to clients, as provision of housing loans cannot be based on a concrete date, people cannot be forced to take a loan within a certain period," Hansapank retail banking managing director Andres Liinat said, referring to the fact that the campaign ends on Mothers' Day (May 11).

Uhispank reacted to Nordea Bank's campaign by lowering its housing loan interest rate permanently to 3.9 percent.

Sampo Bank and Hansapank have said they are not following their competitors for the time being.

Liinat added that after Nordea Bank and Uhispank lowered their interest rates the bank had received numerous calls to inquire about loan opportunities.

Compared with January, Hansapank's share on the loan and leasing market has declined by 1.4 percent to 55 percent by the end of March.