Turkey's Garanti group paid 46m euros to buy the 26.73% stake USGE Money still held in the bank and the three non-bank financialinstitutions they operated jointly in Romania.
All Romanian operations will be transferred under Garanti brand andrun by a joint managing committee, but the structure of distinctlegal entities will be retained.
"Garanti group now controls 100% in the bank and the threeinstitutions. We will keep them (the legal entities) separate, butwe will strengthen synergies," Murat Atay, general manager ofGaranti Bank Romania, told ZF in an interview.
Starting from the value of this deal, the operations now controlledby Garanti on the domestic market should be worth 172m euros.
In official statements, the Turks are already speaking of GarantiRomania group. At a consolidated level, assets total 1.5bn euros,with a portfolio of around 500,000 clients.
Garanti Bank last year boosted assets by 60%, above the initial 40%target, reaching 1.3bn euros. "We now rank 14th, but we want to bein the top ten. For this, we're bringing capital and opening newbranches," Atay says.
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