Bucharest, Romania, February 26, 2018—
IFC, a member of the World Bank Group, is providing two loans totaling €32 million to Garanti Group Romania to help finance smaller businesses, with half the money earmarked for on-lending to companies owned or managed by women.
Garanti Bank Romania and Garanti Leasing Romania signed a €25 million and €7 million loan agreement with IFC in December 2017 and February 2018, respectively, to boost financial inclusion, especially for women entrepreneurs. Over the past six years, IFC has committed a total of €70 million to Garanti Group Romania, which includes banking and leasing services, to help finance SMEs.
“Entrepreneurship is an important engine that has boosted the development of the economy in Romania. We are active supporters of this sector in general, and of women entrepreneurs in particular, and we will continue to focus on being a solid trustworthy partner for our clients. Garanti’s strategy is aligned with IFC’s vision, as we have successfully collaborated over the past years. We are thereby glad to sign these new agreements and reinforce our mutual objectives and long-term commitment to the Romanian business community” said Ufuk Tandogan, CEO Garanti Group.
In line with IFC’s regional strategy, the financing will especially support companies that have women as shareholders or in top management positions. Currently, there are more than 480,000 companies in Romania where women are shareholders and play a decisive management role, and around 165,000 companies that are wholly owned by women.
“Strengthening women’s participation in the Romanian private sector harnesses untapped potential for employment and economic growth,” said Thomas Lubeck, IFC Regional Manager for Central and Southeast Europe. “Our partnership with Garanti Group Romania ensures that smaller companies and women entrepreneurs will continue to have access to the funds they need to grow and create jobs.”
IFC is a major international investor in the Romanian economy and an important supporter of private sector development globally.
About IFC
IFC—a sister organization of the World Bank and member of the World Bank Group—is the largest global development institution focused on the private sector in emerging markets. We work with more than 2,000 businesses worldwide, using our capital, expertise, and influence to create markets and opportunities in the toughest areas of the world. In FY17, we delivered a record $19.3 billion in long-term financing for developing countries, leveraging the power of the private sector to help end poverty and boost shared prosperity. For more information, visit
www.ifc.org
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About Garanti Group Romania
Garanti Group consists of Garanti Bank, Garanti Leasing (the brand under which Motoractive IFN SA operates) and Garanti Consumer Finance (the brand under which Ralfi IFN SA operates). The Group offers financial services to more than 500,000 clients on the local market.
Garanti Group is held by Turkiye Garanti Bankasi AS (TGB), Turkey’s second largest private bank. TGB is a universal bank with leading presence in all business lines and serves over 15 million customers in corporate, commercial, SME, and consumer segments, offering fully integrated financial services. The Spanish financial group Banco Bilbao Vizcaya Argentaria (BBVA) is the majority shareholder of TGB.
Garanti Bank Romania offers a series of quality products and services for all business segments: retail, SME and corporate. Present in Romania since 1998, the bank has developed a solid portfolio of clients and expanded its national presence through branches and alternative channels, reaching an extended network of branches and intelligent ATMs that can be used by anyone, not just bank customers, for transactions with or without cards. Earlier this year, Garanti Bank was named Superbrand, emerging from a list of over 1,500 brands analyzed by Superbrands Romania.
Garanti Leasing Romania (the brand under which the company Motoractive IFN SA operates) completes Garanti Group’s range of products and services with offers for vehicles, equipment and real estate leasing, sale & lease-back. The company has disbursed over EUR 825 million for assets under finance leases and entered into over 53,900 lease contracts since its inauguration, currently operating from 6 offices and creating synergies with Garanti Bank’s branches.
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