Doğuş chairman Ferit Şahenk resigns from Garanti seat

ISTANBUL

Garanti Bank, one of Turkey’s biggest private lenders, announced on Sept. 19 that its board chairman Ferit Şahenk had resigned.

Şahenk has been replaced by deputy chairman Suleyman Sözen, the bank said in a statement to the Istanbul stock exchange. Jorge Saenz-Azcunaga Carranza has been appointed as the new deputy chair. 

Şahenk reportedly stated that he would like to focus more on the projects of Doguş Holding, the Turkish conglomerate of which Garanti is a part.

Spanish lender Banco Bilbao Vizcaya Argentaria (BBVA)  recently acquired 41.79 million shares in Garanti Bank from Doğuş Holding and Doguş Araştırma Geliştirme ve Müşavirlik Hizmetleri at a cost of 7.95 Turkish Liras per share.

The completion of the nearly 3.32 billion-Turkish Lira (roughly $917 million) acquisition totaled around 9.95 percent of the bank.

Şahenk kept his seat after the acquisition, which was completed in March. 

BBVA initially invested in Garanti in 2011, acquiring a 25 percent stake. This was followed by an additional stake purchase in 2015, which made BBVA the main shareholder in the Turkish lender with a share of 39.90 percent.

BBVA is a Spanish bank that was founded over 160 years ago in the northern port city of Bilbao. It is the second-largest bank in Spain. It said the results were supported by a favorable trend in recurrent revenues, controlled spending and reduction in restructuring costs.