Garanti, one of Turkey's biggest financial groups, prefers topursue a strategy of organic growth in the future in Romania afterlast year it turned the local branch into a subsidiary licensed bythe Romanian central bank, and acquired three NBFIs (non-bankfinancial institutions) from American-held GE Money, with whom itused to have a joint-venture in the region.
"For now we are more comfortable with our operations growingorganically. It is not a good time for buying. Today one and onedoes not necessarily equal two," says Zekeriya Ozturk, executivevicepresident of Turkish group Garanti in charge of internationaloperations.
Apart from Romania, the Turks also have operations in theNetherlands and Russia.
"We only have retail operations in Romania, though," Ozturksays.
Currently Garanti has EUR1.8 billion worth of assets on theRomanian market, with EUR1.5 million being accounted for by thebank and EUR300 million by its three NBFis dealing in leasing,consumer loans and mortgage loans. The bank last year ranked 14thon the Romanian market, having climbed fast in the last few yearsas its assets grew. In December 2008 the bank ranked 23rd, and hada 0.6% market share. In December 2010 it had reached 1.4%.
The head of Garanti's operations in Romania, Murat Atay, 39, lastweek announced the first quarterly profit posted by the bank sincethe launch of retail expansion five years ago, EUR2.4 million.
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