Garanti Bank

Banks in Turkey plan to restructure between $7 and $8 billion of current credit debt of energy companies so they can repay their debts by 2020-2021 and ease their ability to potentially participate in further energy investments during this term, Ebru Dildar Edin, executive vice president for corporate and investment banking at Garanti Bank, said Thursday.

Turkey's Akbank, Garanti and İş Bank have applied to the competition authority to take over 55 percent of Türk Telekom after Oger Telecom failed to make three payments on a $4.75 billion loan it secured to acquire a stake in the Turkish fixed-line operator, the competition authority has said.

The two-year extension of the project for the Turkish company "Garanti-Koza" in the metropolitan quarter of Mladost was extended. This allows the deadline for the certificate of priority project given to the company in 2015 to be extended.

The International Finance Corporation (IFC) has invested $75 million in a bond issued by Turkish private lender Garanti Bank to boost loans for women entrepreneurs' href='/search/women entrepreneurs'>women entrepreneurs in Turkey, it announced on June 13.

Multiple buyers are interested in buying a stake in Türk Telekom, Garanti Bank chief executive Ali Fuat Erbil said on Feb. 16 after Oger Telecom failed to make three payments on a $4.75 billion loan it secured to acquire 55 percent stake in the Turkish fixed-line operator.

Turkey’s Garanti Bank reclassified Oger Telecom’s debt as “closely watched” as of the end of 2017, it said on Jan. 11, keeping the troubled loan on its books after Oger has repeatedly failed to make payments.

Turkey’s natural gas distribution company Enerya is expanding to 18 towns across eight provinces of Turkey, thanks to support from the European Bank for Reconstruction and Development (EBRD) and Garanti Bank.

Defense giant Aselsan, 85 percent of which is owned by the Turkish Armed Forces Foundation, became the most valuable company listed on the Istanbul main stock exchange (BIST) on Nov. 14, surpassing Garanti Bank and Koç Holding early.

Garanti Bank, one of Turkey's biggest private lenders, announced on Sept. 19 that its board chairman Ferit Şahenk had resigned.

Şahenk has been replaced by deputy chairman Suleyman Sözen, the bank said in a statement to the Istanbul stock exchange. Jorge Saenz-Azcunaga Carranza has been appointed as the new deputy chair. 

The European Bank for Reconstruction and Development (EBRD) has said it invested the Turkish Lira equivalent of 75 million euros in a covered bond issued by Turkish lender Garanti Bank, in a bid to encourage a new source of funding for Turkish banks.