Established in 1946, Garanti BBVA is Turkey’s second largest private bank with consolidated assets close to TL 1.3 trillion (USD 70 billion) as of December 31, 2022. Garanti BBVA is an integrated financial services group operating in every segment of the banking sector including corporate, commercial, SME, payment systems, retail, private and investment banking together with its subsidiaries in pension and life insurance, leasing, factoring, brokerage and asset management, besides international subsidiaries in the Netherlands and Romania. Garanti BBVA provides a wide range of financial services to its more than 23 million customers with 18.544 employees through an extensive distribution network of 829 domestic branches, 7 foreign branches in Cyprus and one in Malta, and 1 international representative office. Implementing an advanced corporate governance model that promotes the Bank’s core values, Garanti has Banco Bilbao Vizcaya Argentaria S.A. (BBVA) as its majority shareholder with 85.97% share.

It’s shares are publicly traded in Türkiye and Garanti BBVA’s Depositary Receipts are listed on the OTC (Over-The-Counter) Markets in the USA. Garanti BBVA has an actual free float of 14,03% in Borsa Istanbul as of December 31, 2022.

Garanti BBVA has been working towards sustainable development by focusing on combating the climate crisis and inclusive growth for 16 years in order to support sustainability, which is one of its strategic goals.

Focusing on responsible and sustainable development, Garanti BBVA actively contributes to 17 goals within the scope of Sustainable Development Goals. At the end of 2022, the Bank's total contribution to sustainable development, with its impact-oriented investment approach, has reached 88 billion TL.

The BBVA Group, the main shareholder of the Bank, revised its sustainable financing target of 100 billion Euros, announced in 2018, to 200 billion Euros in 2021, in line with its climate change and sustainable development strategy in line with the Paris Agreement. Evaluating that it is still ahead of its targets in 2022, BBVA Group has tripled its target for 2025 and updated it to 300 billion Euros for the second time. In line with the BBVA Group's sustainable financing target, Garanti BBVA aims to provide a total of 150 billion TL for financing sustainable activities in 2018-2025 for the fight against the climate crisis and sustainable development. Garanti BBVA added the financing target to be mobilized for sustainable finance to the premium criteria of all employees at all levels, starting with the board of directors. With this strategic practice, value creation in all business lines is encouraged by integrating sustainability into the daily operations of all employees.

Aiming to integrate its sustainability vision into every structure of its organization, Garanti BBVA also improves its sustainability governance in 2022, adopting a more responsible and effective business model with a new team structure that separates the responsibility of sustainability strategy and communication from the mobilization of sustainable finance.

• Garanti BBVA announced its target to reduce carbon emissions by 29% by 2025 and by 71% by 2035. In 2020, within the framework of Science-Based Targets in line with the maximum temperature increase of 1.5 °C in the Paris Agreement, Garanti BBVA became the first company to publish such a target. Having reduced its emissions from its operations by 75% at the end of 2020, the Bank purchased carbon credits for its remaining emissions and became a carbon neutral bank 15 years before its reduction target. In 2021 and 2022, it continues to offset emissions from its activities by purchasing carbon credits and supports projects in voluntary carbon markets accepted by international organizations.
• In 2021, Garanti BBVA has announced its commitment to phase out of coal by breaking new ground in Turkey and taking its pioneering position in sustainable finance one step further. Accelerating its efforts in 2022 in line with its goal of transitioning to a low-carbon economy, the Bank emphasizes setting science-based targets to gradually reduce risks in carbon-intensive sectors. Within the scope of combating the negative effects of climate change, Garanti BBVA has committed not to finance new investments in coal power plants and mines in 2021 and to zero the risks related to coal in its portfolio by 2040 at the latest. In 2022, it takes these commitments one step further and calculated its decarbonization targets for 2030 in other carbon-intensive sectors such as energy, automotive, iron and steel and cement. These interim targets constitute an important step towards achieving the emission targets compatible with net-zero for 2050.