Garanti Facility (IFC-40713)

Countries
  • Romania
Where the impacts of the investment may be experienced.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Proposed
Bank Risk Rating
FI
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
Dec 18, 2017
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower
GARANTI BANK SA
The holder of the loan, grant, or other investment.
Sectors
  • Finance
The service or industry focus of the investment. A project can have several sectors.
Investment Amount (USD)
$ 94.33 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Currency conversion note:
Bank reported 80
Converted using 2017-11-17 exchange rate.
Primary Source

Original disclosure @ IFC website

Updated in EWS Aug 5, 2018

Disclosed by Bank Nov 17, 2017


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Project Description

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.

Investment Description
  • International Finance Corporation (IFC)

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%.

Private Actors

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.

Contact Information

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/