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ISTANBUL - Turkiye Garanti Bankasi A.S. (TGBD) announced Monday that it has completed a €250 million capital increase for its wholly-owned Netherlands-based subsidiary, Garanti Bank International N.V.
The capital injection was approved by Garanti BBVA’s Board of Directors, which also authorized the bank’s head office to handle the necessary procedures for the transaction, according to a press release statement.
The Turkish banking group confirmed that the payment for the capital increase has already been made, though no specific reason for the capital boost was provided in the announcement.
Garanti Bank International N.V. operates as a fully owned subsidiary of Garanti BBVA, one of Turkey’s largest private banks. The Dutch subsidiary serves as part of Garanti BBVA’s international banking network.
The capital increase comes as part of Garanti BBVA’s ongoing management of its international banking operations. The bank noted in its disclosure that in case of any discrepancy between the Turkish and English versions of the announcement, the Turkish version would prevail.
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