Banco Bilbao Vizcaya Argentaria : Garanti Bank signs credit agreement with ICBC

Garanti Bank, signed a three-year credit agreement worth USD 250 million with ICBC (Industrial and Commercial Bank of China Limited) with the coordination of ICBC Turkey Bank A.Ş. The ceremony for the credit was held on 10 November in Istanbul with the participation of Gökhan Erün, Garanti Bank's Deputy CEO; Batuhan Tufan, Garanti Bank's Senior Vice President and Head of Financial Institutions; Xu Keen, Chairman of the Board of Directors of ICBC Turkey, and Halit Döver, Assistant General Manager for International Business Group. The agreement has been the first credit cooperation by Garanti with ICBC. Garanti will be using this amount for the funding of general corporate operations and foreign trade.

Briefing on the subject, Garanti Bank's Deputy CEO Gökhan Erün said: 'After agreements with China's Eximbank and Sinosure, we are glad to be in cooperation with ICBC, the biggest bank in the world. Thanks to the stability and confidence Garanti Bank built up in global financial circles, we are proud to achieve another cooperation that will contribute in our national economy. We will continue increasing our cooperation with international banks in order to strengthen our relations and offer more special solutions for our customers'.

ICBC Turkey's Chairman of the Board of Directors Xu Keen noted that this successful operation is a sign of the confidence of ICBC towards Turkey's banking system and Garanti Bank and expressed his belief that the banking operations between the two banks will improve and continue creating added-value also in the future.