Czech banks may see profits drop by hundreds of millions of crowns due to the Markets in Financial Instruments Directive (MiFID II), which forces lenders to reveal how much they bill customers for exchange rate hedging operations, a source told the daily E15.
Part of Europe’s biggest regulatory overhaul in a decade, the regulations in part were intended to stop banks from selling products that clients do not need or understand.
Czech banks, especially established lenders, have had a reputation of charging high and hidden fees. Newcomers to the market often highlight transparency in this regard to win over customers.
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