Garanti BBVA Romania, one of the most dynamic banks on the local market, has signed a loan agreement of EUR 40 million with the Black Sea Trade and Development Bank (BSTDB), to support small and medium-sized enterprises (SMEs) impacted by the COVID-19 pandemic.
The five-year facility will allow Garanti BBVA to broaden access to finance for local industrial, agricultural, and service-oriented businesses and is meant to help SMEs with their development plans and working capital needs. In addition, the funds will encourage exports, job retention, and economic development.
„The pandemic had caused important dislocation among small and medium-sized enterprises from its onset, and the last two years have not been easy for these entities. However, in Garanti BBVA, we understood from the beginning that SMEs are the backbone of the Romanian economy and, therefore, supporting them has become a priority for us, and we have made every effort to meet their needs. We are very pleased to continue our successful partnership with BSTDB, because we know that, together, we can help the business environment and the local economy, including at times of challenge”, stated Mustafa Tiftikcioğlu, CEO of Garanti BBVA Romania.
Garanti BBVA Group has a long-term partnership with BSTDB, dating back to 2014. The recent loan is the sixth agreement signed, raising the amount of the loans to EUR 80 million. Earlier this year, the BSTDB extended a new EUR 20 million loan to Garanti BBVA Leasing and another EUR 10 million equivalent loan to Garanti BBVA Consumer Finance, both part of the Garanti BBVA Group.
„Small and medium-sized businesses are vital for the Romanian economy. Today’s signing demonstrates BSTDB’s commitment to strengthening the real economy, and especially the SME segment, which has been worst hit by the pandemic. Our strengthened partnership with Garanti BBVA Group will help small businesses bolster their resilience, make necessary investments, preserve jobs and continue to contribute to the country’s economy in this unprecedented crisis.” said Dmitry Pankin, BSTDB President.
Garanti BBVA is a universal bank, part of Garanti BBVA Group Romania, which consists also of Garanti BBVA Leasing (the brand under which Motoractive IFN SA operates) and Garanti BBVA Consumer Finance (the brand under which Ralfi IFN SA operates), which complete the bank’s offer with specific leasing products (financial leasing – vehicles, equipment, real estate – sale & leaseback), fleet administration services, as well as consumer loans.
Active in Romania since 1998, Garanti BBVA Romania is a subsidiary of Garanti BBVA Turkey, the second largest private bank in Turkey, with a total asset size of USD 70.4 billion (as of June 2021), a leading presence in all business lines, and more than 19 million customers.The majority shareholder of Garanti BBVA Turkey is Banco Bilbao Vizcaya Argentaria (BBVA), which is one of the leading global financial groups with a total asset size of over EUR 648 billion, serving 78.9 million customers (as of June 2021).
For further information and to stay updated, please visit www.garantibbva.ro, and follow facebook.com/GarantiBBVARomania and linkedin.com/company/garanti-bbva-romania
The Black Sea Trade and Development Bank (BSTDB) is an international financial institution established by Albania, Armenia, Azerbaijan, Bulgaria, Georgia, Greece, Moldova, Romania, Russia, Turkey, and Ukraine. The BSTDB headquarters are in Thessaloniki, Greece. BSTDB supports economic development and regional cooperation by providing loans, credit lines, equity and guarantees for projects and trade financing in the public and private sectors in its member countries. The authorized capital of the Bank is EUR 3.45 billion. BSTDB is rated long-term “A” by Standard and Poor’s, “A2” by Moody’s and “A+” by the Russian credit rating agency ACRA. For information on BSTDB, visit www.bstdb.org.
