ISTANBUL - Turkiye Garanti Bankasi (IS:GARAN) A.S. (TGBD), a prominent financial institution in Turkey, has completed the acquisition of a 12.28% stake in Galataport İstanbul Liman İşletmeciliği ve Yatırımları A.Ş., known as Galataport. The bank announced the completion of share transfer transactions this Friday, following a prior disclosure made on December 17, 2024.
Galataport is a significant waterfront tourism and commercial project located in Istanbul, which includes a cruise ship port and a mixed-use development featuring shopping, dining, and cultural facilities. The acquisition marks a notable addition to Garanti BBVA (BME:BBVA)'s investment portfolio.
The bank's statement assured that the information provided aligns with the principles of the Board’s Communiqué, Serial II Nr.15.1, and accurately reflects the records and documents held by the bank. The bank also stated its commitment to the accuracy and completeness of the information related to the share acquisition.
This transaction is seen as a strategic move by Garanti BBVA, which is known for its diversified financial services and investments across various sectors. The stake in Galataport represents an investment in one of Istanbul's key real estate developments, potentially offering a new revenue stream for the bank.
The financial details of the transaction were not disclosed in the announcement. The bank's communication emphasized that in case of any contradiction between the Turkish and English versions of the public disclosure, the Turkish version shall prevail.
The acquisition is based on a press release statement issued by Garanti BBVA, and the bank is solely responsible for the content of the announcement. The bank's decision to invest in Galataport is part of its broader strategy to enhance its investment portfolio and capitalize on significant real estate and tourism developments within Turkey.
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