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 community.”
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 study highlights.”
“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
About IFC
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
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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 of TGB.
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