Garanti Bank has incorporated the non-bank financial institution with a portfolio of EUR114 million, maintaining all contractual conditions for its customers.
“The merger consolidates our position in the local banking system and is in line with our long term strategy to offer customers products and services (…) through a simplified and multinational business model. Following this process, we have optimized costs, improved our yield and enlarged our team of mortgage loan experts,” Ufuk Tandogan, CEO of Grup Garanti Romania, said in a press release Friday.
Garanti Bank was assisted in the merger process by KPMG and NTMO, the law firm affiliated to KPMG in Romania.
Garanti Credite Ipotecare had net revenues of EUR3.1 million last year and a profit of EUR0.6 million. At the time of the merger, the institution had a portfolio of EUR114 million and the average mortgage loan stood at around EUR30,000.
Garanti Romania group, owned by Turkiye Garanti Bankasi, consists of lender Garanti Bank, leasing company Garanti Leasing and consumer lending company Garanti Credite de Consum.