Garanti Bank and Garanti Mortgage finalize merger

Newsroom 14/11/2014 | 16:12

Garanti Bank and Garanti Mortgage (Domenia Credit IFN SA) announced they finalized the procedures for the merger of the two companies in Romania, after completing all legal requirements. This is the first merger operated on the local market between a bank and a non-banking financial institution.

“Following this process, our group’s operational costs have been optimized, as well as our overall efficiency, while increasing our team of experts and mortgage loan specialists,” said Ufuk Tandogan, Garanti Group’s CEO.

The bank was assisted in the merger by KPMG and NTMO, the law firm affiliated with KPMG in Romania, both working as financial and legal advisors for Garanti Bank.

In 2013, Garanti Mortgage registered net revenues of EUR 3.1 million and a profit of EUR 0.6 million. Garanti Mortgage’s total loan portfolio, at the date of the merger, amounted to EUR 114 million, while the average ticket size was of approximately EUR 30,000.

Garanti Group consists of Garanti Bank, Garanti Leasing (the brand under which Motoractive IFN SA operates) and Garanti Consumer Finance (the brand under which Ralfi IFN SA operates). The two non-banking financial institutions complete Garanti Bank’s offer with specific leasing products (financial leasing – vehicles, equipment, real estate – sale & lease-back) and fleet administration services, consumer credit, as well consumer loans. Garanti Group offers financial services on the local market to more than 500,000 clients.

Garanti Group is owned by Turkiye Garanti Bankasi (TGB), a universal bank with leading presence in all business lines. TGB is the second largest private bank in Turkey and serves to more than 10 million customers in corporate, commercial, SME, and consumer segments, offering fully integrated financial services.

BR Magazine | Latest Issue

Download PDF: Business Review Magazine November 2023 Issue

The November 2023 issue of Business Review Magazine is now available in digital format, featuring the main cover story titled “Mastercard On a Mission to Build an Inclusive Digital Economy”. To
Newsroom | 27/11/2023 | 17:41
Advertisement Advertisement
Close ×

We use cookies for keeping our website reliable and secure, personalising content and ads, providing social media features and to analyse how our website is used.

Accept & continue