He ‘country manager’ of the Turkish subsidiary of BBVAMahmut Akten, noted that the third quarter of 2024 has been characterized by the reduction of inflation through a restrictive monetary policy. This central bank approach, reinforced by macroprudential measures, has led to an increase in financing costs, which has compressed spreads on Turkish lira loans and deposits. Akten highlighted the customer-centric approach that differentiates the bank from its competitors. “Our stable relationship with customers and our position as a preferred bank have allowed us to maintain the leadership in Turkish lira loans and deposits among private banks. With a strong market share in mortgages, general purpose loans, car loans and cards of credit, we have exceeded one trillion Turkish liras in total loans,” said the senior manager.
Akten stressed the crucial importance of digital transformation, highlighting that the agility and efficiency it entails have completely revolutionized both the life of the bank and its clients. The digitization of the lending process, for example, has allowed BBVA guarantors provide fast and efficient solutions to individuals and companies. In this quarter, the entity has expanded its digital car loan service, which was previously aimed only at companies, to also cover individuals.
Furthermore, the country manager recalled that Garanti BBVA has invested the equivalent of 5 billion dollars in technology over the last 25 years. As a result, the bank currently has 16.3 million digital customers. “These figures are not just numbers. Each client obtains tangible results, making their lives easier with the technological solutions offered by our bank,” he stated. He also mentioned the entity’s innovative payment solutions, such as BonusFlaş, one of the main mobile wallet applications in Turkey, which has exceeded 5.5 million users and now allows payments with QR code for cards from different banks, raising thus the user experience.
The commitment of BBVA’s Turkish subsidiary to a sustainable future transcends financial services. Akten highlighted the bank’s efforts to combat climate change and foster inclusive growth, addressing issues such as the environment, energy efficiency, social inequality, gender equality, access to quality education, the circular economy and support for women entrepreneurs. “We encourage our clients to participate in this transformation through advantageous financing mechanisms and advisory services. In addition, we focus on offering solutions for transition areas that are especially critical,” said the executive.
Akten concluded with thanks to the clients and stakeholders of Garanti BBVAwithout whose support the bank’s success would not be possible. “Our excellent financial results and our position as the most valuable company in Turkey are a clear manifestation of the trust placed in us. We will continue to generate value for our clients and stakeholders with the same determined attitude, taking the entity to new heights “I want to express my gratitude to all my colleagues and our stakeholders who have contributed to this achievement,” said the executive.
The Turkish presentation of Garanti BBVA’s consolidated financial results as of September 30, 2024, which meet the requirements of the central bank of Turkey, is available on the Garanti BBVA Investor Relations website: www.garantibbvainvestorrelations.com.
