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March 29, 2023

GE Capital sells its investmentin Romania to Garanti Bank

GE Capital has sold its 26.7 pc stake in the joint venture to Garanti Bank who becomes the 100 pc owner of the Romanian businesses comprising of the regulated Garanti Bank and the GE Money branded specialized financial companies, a press release informs. Ergun Ozen, President & CEO of Garanti Bank added that this transaction reinforced Garanti’s commitment to the Romanian market. “There will be no change regarding the strategy and vision going forward. We believe that by transferring our strengths in product innovation, client service and technology, we are building a unique and successful banking group in Romania.” Garanti Banking Group in the Romanian market has reached 1.5 bln Euros in assets, and the bank registered an increase in assets of 50 per cent in 2010 vs. the previous year, with a strong performance in both deposits and loans. The Romanian operations will all operate under the Garanti brand as of January 2011. Cristian Colteanu, GE Regional Executive for Romania said, “GE remains committed to Romania. We will continue to provide solutions for energy, technology, water and healthcare infrastructure projects, helping address local challenges and needs.

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