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GarantiBank Romania becomes a subsidiary and will function under BNR norms

The Romanian branch of GarantiBank will turn into a subsidiary, with functioning norms according to the ones imposed by BNR, the retail director of the bank Okan Yurtsever said. Bank representatives did not give details about the date when the bank would become subsidiary but they said the transformation process was under way.

At present GarantiBank is functioning as a branch of GarantiBank International NV of Holland, which is owned by GarantiBank Turkey. Thus the Romanian branch observes regulations of the central Dutch bank. However GarantiBank does not exclude the implementation of some of the credit norms imposed by BNR in the new regulations before becoming a subsidiary."Ahtough GarantiBank is governed by the Dutch bank authority it will adopt in Romania a series of regulations included in the local legislation, considering the risk strategy of the bank. At present we analyse the new credit regulations for its adaptation of the bank's norms," Yurtsever added. At present GarantiBAnk has 42 agencies of which 14 are in Bucharest. "Investments made in the last year have focused on developing the network of units. After fully recovering these investments our agency network will contribute to the development of resources we need for our activity", Yourtsever added.In the Romanian financial market there are another 11 branches of credit institutions from other EU countries. These branches belong to Anglo-Romanian Bank Ltd London, ING Bank NV Amsterdam. Banca Italo-Romena Italy, Bank of Cyprus Public Company Ltd Nicosia, Fortis Bank SA/NV, Caja de Ahorros Y Pensiones de Barcelona, Blom Bank France, ABN Amro Bank NV, Finicredito-Instituicao Financeira de Credito Portugal, Depfa Bank and Sygma Bank.Citibank will turn from subsidiary into branch of Citibank Europe based in Ireland, and action by which it will pass from BNR supervision to that of the Irish central.

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Tags: garantibank norms bnr subsidiary ing

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