Deutsche Bank and Garanti Bank have signed a cooperation agreement for the establishment of a closer global relationship in cross-currency cash management and trade finance.
Under the terms of the agreement, Garanti Bank is to offer the German bank's global cross-currency payments system, FX4Cash to its corporate clients in Turkey. The system allows corporates to pay beneficiaries in over 175 countries in their domestic currencies from a single domestic bank account in the buyer's home currency.
Batuhan Tufan, head of financial institutions, Garanti Bank, says: "We have a long-standing business relationship with Deutsche Bank and have chosen to further expand our collaboration to benefit our local clients who have increasing global needs. Our cooperation with Deutsche Bank allows us to combine our local strength with a trusted partner's global capabilities outside of Turkey."