BGC Partners: GARANTI 2020 BUDGET: Guiding more aggressively on NIM expansion leading to high-teens ROE, indicating upside risk to consensus
Garanti Bank announced its 2020 budget with the attendance of its upper management as always. Contrary to previous years’ more conservative approach, Garanti laid out a slightly more constructive scenario compared to our estimates, especially driven by a more aggressive further rate cut assumption of 300bps, leading to stronger NIM expansion target.Turkiye Garanti Bankasi is a private banking group based in Turkey. Co. operates as an integrated financial services group in every segment of the sector including corporate, commercial, SME, payment systems, retail, private and investment banking together with subsidiaries in pension and life insurance, leasing, factoring, brokerage, and asset management. Co. provides a range of financial services to 13 million customers through a distribution network of 994 domestic branches; 6 foreign branches in Cyprus, Luxembourg and Malta; 3 international representative offices in London, Dusseldorf and Shanghai with more than 4,152 ATMs, a Call Center and internet.
BGC has been one of the major market players in Turkish OTC debt, FX and swaps markets since 1998.
We started offering corporate finance and investment banking services to our clients in 2013. We offer a complete range of financial services to help our clients achieve their goals. Our main areas of activity within investment banking are as follows:
- Mergers & Acquisitions
- Equity Capital Markets
- Debt Finance & Advisory
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