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Garanti names replacement for departing retail banking chief

Türkiye Garanti Bankasi AS named new heads of its retail and small and medium-sized enterprise banking businesses.

Mahmut Akten, who is coordinator of the mass retail banking marketing department, will become executive vice president in charge of retail banking. He replaces Deputy CEO Onur Genç, who was named CEO of U.S.-based Compass Bank on Dec. 21.

Compass Bank's ultimate parent is Spain's Banco Bilbao Vizcaya Argentaria SA, which also owns 39.9% of Garanti Bankasi.

Cemal Onaran, head of Garanti Pension, will take over as executive vice president in charge of SME banking. He replaces Nafiz Karadere.

Onaran's and Akten's appointments are subject to regulatory approvals and take effect Jan. 1, 2017.