Turkiye Garanti Bankasi A.S. Sets Foreign Debt Instrument Issue Limit

Turkiye Garanti Bankasi A.S. (TGBD) has announced that its Board of Directors passed a resolution on April 4, 2024, authorizing the issuance of foreign debt instruments. The approval allows the bank to issue bonds, subordinated debts, and other forms of debts, which may be factored into the equity calculation. The total issuance may reach up to US$6,000,000,000 or its equivalent in Turkish Lira or other foreign currencies. These instruments may be issued in various series, with varying maturities, and with either fixed or floating interest rates, based on market conditions at the time of issuance. These debt instruments are planned to be sold internationally in one or more offerings without a public issuance in Turkey.

The bank highlights that if any discrepancies exist between the Turkish and English versions of the public disclosure, the Turkish version will prevail. Garanti BBVA affirms that the statements made are consistent with the Board’s Communiqué, reflecting accurately the information received, and conforming to their records. The bank also assures its diligence in providing correct and complete information regarding this initiative.