Turkiye Garanti Bankas (Garanti BBVA) history, company profile (overview) and history video
Turkiye Garanti Bankasi AS, known as Garanti BBVA (formerly referred to as Garanti Bank), is a financial services group headquartered in Istanbul, Turkey.
The company operates in every segment of the banking sector, including corporate, commercial, SME, payment systems, retail, private and investment banking, together with its subsidiaries in pension and life insurance, leasing, factoring, brokerage and asset management, besides international subsidiaries in the Netherlands and Romania.
HISTORY
Garanti Bank was established in 1946 by 103 cofounders as a joint-stock company in Ankara. The founders of the Bank consisted of traders who wanted to invest their post-World War II accumulated fortunes in profitable lines of businesses.
In the 1970s, most of the shares of Garanti were acquired by Koc Group and Sabancı Group.
In the early 1980s, Koc Group and Sabancı Group sold their shares in Garanti to Doğuş Group.
By 1983, Garanti was completely owned by Doğuş Group.
In 1990, the Bank held its initial public offering (IPO) and went public.
In 1996, Garanti Bank acquired Osmanlı Bank.
In 2001, as Körfezbank and Osmanlı Bank merged, Garanti Bank merged with Osmanlı Bank under the roof of Garanti Bank.
In 2005, General Electric became an equal strategic partner in Garanti with Doğuş Group.
In 2011, upon GE’s global crisis-driven decision to exit from financial businesses in the USA and Europe, the Spanish bank BBVA became a strategic partner with Doğuş Group in Garanti.
Through additional acquisitions in 2015 and 2017 of stakes in Garanti, Banco Bilbao Vizcaya Argentaria S.A. (BBVA) became Garanti’s majority shareholder.
In 2019, the Bank was rebranded as Garanti BBVA.
GROUP COMPANIES
- Garanti Asset Management
- Garanti Bank International N.V.
- Garanti Bank Moscow
- Garanti Bank Romania
- Garanti Factoring
- Garanti Leasing
- Garanti Mortgage
- Garanti Payment Systems
- Garanti Pension
- Garanti Securities
- Garanti Technology
With more than 18,000 employees, the bank has a distribution network of over 900 domestic branches, 7 foreign branches in Cyprus and one in Malta, and 3 international representative offices in London, Düsseldorf and Shanghai. Garanti BBVA is considered one of Turkey’s largest private banks. According to Forbes, it is considered one of the Largest Public Companies in the World.
*Information from Forbes.com, Wikipedia.org, www.garantibbva.com.tr/en and www.garantibbvainvestorrelations.com/en/.
**Video published on YouTube by “Companies History“.