Garanti Bank and Garanti Mortgage (Domenia Credit IFN SA) announce today that they have initiated formal procedures for the merger of the two companies in Romania, which is expected to be finalized by the end of this year, following NBR approval and completion of all legal requirements.

“Our decision to merge the two companies is part of our long-term local strategy aimed to create a simplified business model, so we can serve better Garanti Group’s clients in the mortgage segment, from a single point, by the retail department within the bank” said Ufuk Tandogan, Garanti Group’s CEO.  

This merger does not influence in any way the lending conditions for all those that have loans with Garanti Mortgage. The customers will be notified upon the transfer to Garanti Bank, according to the legislation in place.

In 2013, Garanti Mortgage registered net revenues of 3.1 million Euros and a profit of 0.6 million Euros.  There are around 3400 clients and the average value of a Garanti Mortgage loan is around 30,000 Euros.

About Garanti Group Romania

Garanti Group consists of Garanti Bank, Garanti Leasing (the brand under which Motoractive IFN SA operates), Garanti Consumer Finance (the brand under which Ralfi IFN SA operates) and Garanti Mortgage (the brand under which Domenia Credit IFN SA operates). The three NBFI 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 as mortgage loans for real estate and land or for refinancing other loans. Garanti Group offers financial services on the local market to more than 450,000 clients.

Garanti Group is owned by Turkiye Garanti Bankasi (TGB), a universal bank with leading presence in all business lines. Turkiye Garanti Bankasi AS (TGB) is the most profitable and the second largest private bank in Turkey by assets. Furthermore, it is found in the top 20 strongest banks in the world, according to the rankings compiled in May of 2013 by Bloomberg, one of the most prestigious business and economic news agency worldwide. TGB serves to more than 10 million customers in corporate, commercial, SME, and consumer segments offering fully integrated financial services.

Garanti Bank offers a series of quality products and services for all business segments: retail, SME and corporate, and it is one of the most dynamic and innovative banks on the local market. Present in Romania since 1998, the bank developed a solid clients portfolio and extended its national presence through agencies and alternative channels, reaching an extended network of over 280 intelligent ATMs that can be utilized by anyone, not only the bank’s clients, for transactions with or without card. www.garantibank.ro