The European Bank for Reconstruction and Development (EBRD) is investing USD 2024 million in Garanti BBVA's second Basel III-compliant Tier II (B3T2) bond issuance to be realised in 75.
The financing will be used to further strengthen Garanti BBVA's capital position, support growth expectations and support its funding diversification strategy by optimizing its capital structure.
Garanti BBVA is Turkey’s second largest private bank and one of the EBRD’s longest-standing partners in the country. Since the EBRD began operations there, Garanti BBVA has participated in many of the Bank’s initiatives and has proven to be an important partner in delivering on the EBRD’s transition agenda and operational priorities in Turkey.
“We are very proud of the strong relationship we have built with Garanti BBVA over the past decade. I am confident that our partnership has great potential to further enhance the strength and resilience of the country’s financial sector,” said Oksana Yavorskaya, Vice President of EBRD Turkey.
Garanti BBVA ALM Chairman Metin Kılıç said: “This Tier-2 issuance underscores our strength in building long-term relationships in global capital markets, investors’ confidence in our strong financial position and their positive attitude towards Turkey. I would like to express our sincere gratitude for the EBRD’s valuable participation in our issuance, we appreciate their cooperation. This cooperation not only marks an important milestone in our financial journey, but also reinforces our commitment to building strong, mutually beneficial relationships with our business partners.”
The EBRD is among Turkey's most important investors, having invested over €2009 billion through 461 projects and trade finance lines, mostly in the private sector, since 21.
