Garanti Bank – Garanti Mortgage merger, completed

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Garanti Bank and Garanti Mortgage (Domenia Credit IFN SA) have finalized the procedures for the merger of the two companies in Romania, after completing all legal requirements. According to a press release, this is the first merger operated on the local market between a bank and a non-banking financial institution.
“The merger strengthens our position on the local banking market, while fulfilling our long-term strategy of efficiently and promptly serving our clients, with innovative top quality products and services, through a simplified yet multifunctional business model. Following this process, our group’s operational costs have been optimized, as well as our overall efficiency, while increasing our team of experts and mortgage loan specialists”, said Ufuk Tandogan, Garanti Group’s CEO.
The merger has not influenced in any way the lending conditions for the clients that have loans with Garanti Mortgage, the same contractual conditions being maintained after merger date. In 2013, Garanti Mortgage registered net revenues of EUR 3.1 million and a profit of EUR 600,000. Garanti Mortgage’s total loan portfolio, at the date of the merger, amounted to EUR 114 million, while the average ticket size was of approximately EUR 30,000.

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