Garanti Bank, one of the most innovative and dynamic banks on the local market, finalized the process of increasing its share capital by EUR 22.3 million. The capital injection targets to support and finance the bank’s organic growth on the local market.
Garanti Bank is currently the 10th institution in the local banking system, with a total asset volume exceeding RON 8.5 billion.
“Garanti Bank has a long term commitment on the local market and we aim to further grow, in order to best service our existing and potential customers, and bring our contribution to the development of the local economy. Increasing our share capital proves and reiterates this commitment”, stated Ufuk Tandogan, CEO Garanti Bank.
Garanti Bank is part of the financial-banking group Garanti Romania, which brings together Garanti Leasing (the brand under which the company Motoractive IFN SA operates) and Garanti Consumer Finance (the brand under which Ralfi IFN operates).
Garanti Bank is held by Turkiye Garanti Bankasi AS (TGB), Turkey’s second largest private bank with consolidated assets of EUR 90.44 billion as of March 31, 2016. TGB is a universal bank with leading presence in all business lines. The bank serves more than 14 million customers in corporate, commercial, SME, and consumer segments offering fully integrated financial services. In July last year, Spanish financial group Banco Bilbao Vizcaya Argentaria (BBVA) gained majority management control of TGB.
Garanti Bank was awarded in 2015 by world-renowned magazine Global Finance, as “Best Consumer Digital Bank in Romania” and “Best Integrated Consumer Bank Site in Central and Eastern Europe Region”. In May this year, International Rating agency Fitch Ratings affirmed the long-term IDRs of Garanti Bank Romania (GBR). The bank’s long term IDR was affirmed at ‘BBB-’ (outlook stable), its short term IDR at ‘F3’, its Support Rating at ‘2’, while its Viability Rating was also affirmed at ‘b+’. Fitch emphasized that GBR remains a strategically important subsidiary of its parent bank.