Bucharest, February 7, 2019 — IFC, a
member of the World Bank Group, and Garanti Bank Romania launched a joint
report today highlighting the importance and impact of increasing access
to finance for the country’s women entrepreneurs.
“Taking Women Entrepreneurs to the Bank
in Romania”, shows the impact of Garanti Bank Romania’s Women SME Banking
Program. The bank has loaned over €145 million to women-owned enterprises,
as of end- December 2017, with surveyed recipients experiencing an average
real sales growth of over 5 percent per year, higher than the national
average for firms in Romania.
IFC has been working with Garanti Group Romania
to help reduce the finance gap for women entrepreneurs by signing seven
loan agreements between 2011 - 2019, totaling €157 million, including
four with a strong gender component. Most recently, IFC signed a €25 million
and €7 million loan agreement with Garanti Bank Romania and Garanti Leasing
Romania in December 2017 and February 2018, respectively, to boost financial
inclusion, particularly for women entrepreneurs.
“We have been an active and outspoken supporter
of entrepreneurship in general, and of women entrepreneurs in particular.
After an ongoing partnership with IFC, currently exceeding 7 years, we
have amounted significant experience and expertise in terms of gender finance
and the importance of women entrepreneurship,” said Ufuk Tandoğan, CEO
Garanti Bank Romania. “This new report highlights how women have a significant
contribution in all areas of the economy and how they have proven to thrive
provided the right support. We are happy and proud to launch this new report’s
findings and underlining our long-term commitment to the Romanian business
Around two thirds of Garanti Bank clients
reported that the financial services they received from Garanti Bank have
contributed to an increase in their sales, net profit, and working capital.
Eighty four percent of Garanti Bank’s surveyed female clients are very
likely to recommend the products they have received from Garanti Bank,
more so than clients of other banks.
“IFC aims to increase women’s economic
participation by enhancing their access to finance,” said Wiebke Schloemer,
IFC Director Europe and Central Asia. “Women-owned smaller businesses
are already becoming a force to be reckoned in Romania and they can further
realize their economic potential through better access to finance, as this
“Taking Women Entrepreneurs to the Bank
in Romania” report can be accessed at this address: https://www.ifc.org/wps/wcm/connect/region__ext_content/ifc_external_corporate_site/europe+and+central+asia/resources/garantibankromania_2019case
IFC—a sister organization of the World Bank and member of the World Bank
Group—is the largest global development institution focused on the private
sector in emerging markets. We work with more than 2,000 businesses worldwide,
using our capital, expertise, and influence to create markets and opportunities
in the toughest areas of the world. In FY17, we delivered a record $19.3
billion in long-term financing for developing countries, leveraging the
power of the private sector to help end poverty and boost shared prosperity.
For more information, visit www.ifc.org
About Garanti Bank Romania
Garanti Bank is part of the financial-banking
group Garanti Romania, which brings together Garanti Leasing (the brand
under which the company Motoractive IFN SA operates) and Garanti Consumer
Finance (the brand under which Ralfi IFN operates). Being present in Romania
since 1998, Garanti Bank has developed over time a solid and diverse client
portfolio, and continuously expanded its national network and product portfolio
for all business segments: retail, SME and corporate.
Last year, Garanti Bank was nominated as
a Superbrand, distinguishing itself from over 1,500 brands analysed by
Superbrands Romania. Furthermore, in August, Garanti Bank was awarded by
world-renowned magazine Global Finance, as “Best Consumer Digital Bank
in Romania”. The distinction was granted within the “2018 World's Best
Consumer Digital Banks in Central and Eastern Europe Competition” and
it is the 11th award that Garanti Bank received from Global Finance in
the past ten years.
Garanti Bank Romania is held by Turkiye Garanti
Bankasi AS (TGB), Turkey’s second largest private bank, with leading presence
in all business lines and more than 16 million customers. The Spanish financial
group Banco Bilbao Vizcaya Argentaria (BBVA) is the majority shareholder
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