Garanti Bank, a subsidiary of Turkey’s second largest bank Garanti Bankasi, has raised RON300 million at its first bond issue on the local market, at an annual interest rate of 5.47%.
The bonds to be listed on the Bucharest Stock Exchange have a five-year maturity and have been placed primarily with local institutional investors.
“We are pleased to be among the supporters of Garanti Bank’s debut local currency bond issue,” said Sylvia Gansser-Potts, EBRD Director for EU Banks in the Financial Institutions team.
This is EBRD’s fourth investment under a EUR150 million program launched in June 2013 to back medium- to long-term bonds issued by Romanian financial institutions.
“This investment also marks the beginning of a new relationship between the EBRD and Romania’s Garanti Bank, building on the strong cooperation we have developed with its parent Turkiye Garanti Bankasi,” said Sylvia Gansser-Potts. (EUR1=RON4.3968)