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Garanti to sell NPL book for 17.5M lira

Türkiye Garanti Bankasi AS agreed to sell a portfolio of nonperforming loans for a total consideration of about 17.5 million Turkish lira to Sümer Varlik Yönetim AS and Hayat Varlik Yönetim AS.

The book consists of receivables from credit cards, general purpose loans, overdraft loans, commercial loans, check accounts, insurance receivables and expenses, with around 294.1 million lira in total principal amount.

As of Dec. 14, US$1 was equivalent to 3.88 Turkish lira.