Bank upbeat on mortgage
Posted by meb at April 23rd, 2008
Garanti Bank, the Turkish bank co-owned by General Electric Co., is enhancing its activities in the real estate sector.
Garanti, the third largest private bank in Turkey, provides mortgage backed housing loans as well as consultancy and marketing services via Garanti Mortgage, Garanti’s subsidiary in the real estate sector.
The company also established a call center facility, which is available to customers with non-stop service by employing 29 mortgage-orientated expert staff. “We are the first corporation that provides mortgage consultancy all days of the week. Our staff are well-trained about mortgage issues,” said Cemal Onaran, managing director of Garanti Mortgage.
“We are the leading corporation in Turkey’s mortgage sector. Garanti grew 21-fold within the last four years while the sector was growing 13-fold. Our market share in the country is 14 percent,” said Onaran.
“The sector size was YTL 31 billion at the beginning of the year. It grew 11 percent and attained YTL 34 billion within the first quarter of this year. We expect a 35 percent growth rate for the sector and an asset size between YTL 40 and 45 billion by the end of the year,” said Onaran.
“We expect Turkey’s mortgage sector to reach YTL 100 billion within five years. The rate of contributions from mortgage credits to the Gross National Product (GNP) will be 10 percent within the same period,” said Onaran.
source: Turkish Daily News
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