Press Releases

Garanti Bank will become operational on 29th of May 2010

27.05.2010 – GE Garanti Bank, a new credit institution authorised by the National Bank of Romania, will become operational on 29th of May 2010. Garanti Bank has a strong shareholding structure, its major shareholder being Garanti Turkey, who holds 70% of the shares. Garanti Turkey is the second largest private bank in Turkey, with assets exceeding EUR 54.4 billion and a consolidated net profit of EUR 1.45 billion as of 31 December 2009, running a network of 800 branches, employing more than 16,000 people and servicing more than 9 million customers. The remaining 30% stake is held by General Electric Capital Corporation, one of the world’s leading companies.

According to the authorisation granted by the National Bank of Romania, Garanti Bank will take over all the operations carried out by Garanti Bank International N.V. – Romania Branch. For this purpose, all the necessary measures are being undertaken so that the banking operations may proceed in optimum conditions during the transfer preparation period.

The transfer will be finalized on 29th of May 2010. Upon its completion, Garanti Bank International N.V. – Romania Branch will stop its activity and all its operations will be continued by Garanti Bank. Customers will continue to benefit from the same advantages offered by Garanti Bank through its innovative and qualitative products developed so far.

“The establishment of Garanti Bank is a proof of our commitment to a long term strategy of setting up a universal bank in Romania. We chose to become a local bank with the aim of creating a more powerful banking organization on the Romanian market, offering a complete range of products and services for individuals and companies.”, Murat Atay, General Manager of Garanti Bank stated.

In 2009, Garanti Bank International N.V. – Romania Branch achieved significant increases: loans’ volume increased by more than 50%, reaching 550 million EUR versus 350 million euros at the end of 2008, while assets almost doubled, up to EUR 830 million. Customers’ number more than tripled versus the end of 2008, reaching almost 150.000 by the end of 2009.

“We aim to replicate this growth also in 2010, when we will continue to expand our business, our plans including a 50% increase in our assets, as well a 40% growth in the volume of our loans and deposits. We also plan to double our branch network and reach 100 agencies by the end of 2011, together with a significant development of all our portfolios, which we will pursue through further developing innovative products and services. The ambitious growth plans that we have are a proof of our trust in the potential of the local banking market.”, added Murat Atay, General Manager of Garanti Bank.

The contact details of the new entity will be: Garanti Bank S.A., Bucharest, District 1, 40-44 Banu Antonache Street, Floreasca II Business Center, 011663, Romania, Telephone [+40-21 208 92 60] Fax [+40-21 208 92 86].


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