Turkiye Garanti Bankasi Sells Non-Performing Loan Portfolio

Turkiye Garanti Bankasi A.S. has announced the sale of several non-performing loan portfolios. These sales include credit card, general purpose, cheque account, commercial, and overdraft loans, along with associated receivables and expenses.

The bank sold parts of its portfolio to multiple firms. The largest sale was to Gelecek Varlık Yönetim A.Ş., transferring a principal and interest amount of approximately TL 1.3 billion for TL 319.2 million. Other significant transactions include sales to Ortak, Birikim, Dünya, and Sümer Varlık Yönetim A.Ş., totaling TL 701.5 million for their combined portfolios.

These sales reflect Garanti's strategy to manage its financial health by offloading non-performing assets, thus potentially improving liquidity and focus on core operations.