"Hamkorbank" fined for violating advertising regulations

Uzbekistan

The Competition Committee's investigation revealed misleading information in the online microloan advertisement of "Hamkorbank." The ad, which stated, "Get an online microloan up to 50 million soums," did not provide the full terms and conditions of the loan.

"Hamkorbank" fined for violating advertising regulations
After reviewing the information on the bank's official website, it was found that customers were not provided with complete details. This could lead consumers to make uninformed decisions based on incomplete information.

As a result, the Special Commission of the Competition Committee ruled that this violated the Law on Advertising, imposing a financial penalty on the bank. Additionally, instructions were given to rectify the violation and prevent similar occurrences in the future.

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