1Q 2009

In February 2009, Garanti secured a €50 million subordinated loan from Proparco, a company of the French Development Agency Group (AFD). The loan with 12 years maturity and a prepayment option after 7 years will be used to finance clean energy projects.

Garanti Bank raised €20 million from Development Bank of Turkey with a guarantee from French Development Agency Group (AFD) in March 2009. The ten-year loan will be used to finance SMEs residing in Turkey, with a turnover below €50 million and number of employees not more than 200.

In January 2009, Garanti, teaming up with local banks, provided a letter of guarantee facility of USD 150 million, backing Sabancı Energy Group and Austria-based Verbund's acquisition of electricity distribution company Başkent Elektrik Dağıtım AŞ for USD 1,225 million, the largest privatization transaction ever in the Turkish electricity market.