Garanti, the Turkish subsidiary of the Spanish lender BBVA, has appointed Recep Bastug as chief executive officer (CEO) following the departure of Fuat Erbil after two decades in the company and four years as its top executive.
The new CEO joined Garanti BBVA in 1989, where he held a series of executive positions until moving to the Turkish industrial conglomerate Ciner Group last year, where he was an executive board member.
From 2013 through 2018, Bastug was a member of the bank's executive committee and responsible for Commercial Banking and Consumer Finance.
Recep Bastug said: "I'm thrilled to be back at Garanti BBVA, a place where I have grown both personally and professionally, and continue the great work done by Fuat Erbil in these years."
Fuat Erbil also commented: "I am very proud of Garanti BBVA's contribution to society and the Turkish economy, with a vision that is both customer-centric and digitally-differentiating, always looking to bring the age of opportunity to everyone."
BBVA Group CEO Onur Genç concluded: "Bastug and Erbil genuinely represent the strength of Garanti BBVA's talent base and everything that the team has achieved in recent decades: transforming Garanti, and turning it from a small bank into one of the largest and most admired financial institutions in the country."