This project provides financing to Garanti Bank for on-lending to small and medium-sized enterprises (SMEs), half of which will be women-controlled SMEs.

Garanti Bank is ultimately owned 100% by Turkiye Garanti Bankasi (TGB), Turkey's second largest private bank. In turn, TGB is controlled by Banco Bilbao Vizcaya Argentina (BBVA), the second largest bank in Kingdom of Spain with global operations, which has a share of 49.85%.

There is often limited information publicly available about what development banks are funding through financial intermediaries. In 2021, the Early Warning System partnered with Oxfam International to incorporate information on high-risk projects being funded by financial intermediaries receiving funding from the International Finance Corporation (IFC) and the Dutch Development Bank (FMO).

The information listed below describes the relationship between the different private actors linked to high-risk sectors and subprojects of IFC and FMO's financial intermediary investments and/or the financial intermediary's parent companies made from 2017 through 2020, including any associated ring fences.

The database, however, does not explicitly or implicitly imply that IFC or FMO have material exposure to or are contractually or legally accountable to the sub-projects financed by their financial intermediaries or the financial intermediary's parent companies. It only shows a seemingly financial relationship among the different private actors, the financial intermediaries, and IFC or FMO.

Garanti Bank is a universal bank, with a market share as at December 31, 2016 of 2.3% in terms of total assets, ranking 10th out of the 37 banks operating in Romania. In 2007, Garanti Bank Turkey and GE, shareholders of Garanti NV, decided to increase their presence in Romania through a direct subsidiary instead of a branch and positioned it to become a full-fledged bank focusing on retail and SME markets. The new bank license was authorized by the National Bank of Romania in 2009 and the Bank became operational at the end of May 2010.

Garanti Bank Romania
Adnan Ayman
Head of Financial Institutions
+40 21 208 9281
romaniafinancialinstiutions@garantibank.ro
Novo Park 3 Business CenterF Building, 5th Floor, BucharestDistrict 2, Romania
http://www.garanti.ro/

ACCOUNTABILITY MECHANISM OF IFC
The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org. You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org/