Turkiye Garanti Bankasi A.S. Announces Early Redemption of Subordinated Debt Securities

Turkiye Garanti Bankasi A.S. has announced the early redemption of its subordinated debt securities, aimed at qualified investors. The securities, with a nominal value of TRY 750,000,000, meet the criteria for Tier 2 Capital inclusion. These securities have a maturity of 3653 days and feature coupon payments every three months, indexed to the BIST TLREF index.

The Board of Directors resolved on December 11, 2024, for this early redemption, and the bank has submitted an application to the Banking Regulation and Supervision Agency (BRSA) for approval. Upon receiving the BRSA's authorization, the redemption will occur on February 14, 2025. Initially, these bonds were sold to qualified investors in February 2020.