Leadership transition at major Turkish bank, Garanti BBVA

Garanti BBVA, a major Turkish financial services company, has announced the appointment of Mahmut Akten as its new CEO, replacing Recep Bastug, who has led the bank since 2019.

The decision, made by the bank’s board of directors on August 2, 2024, is still pending approval from the Banking Regulation and Supervision Agency.

What’s next?

Akten’s appointment is not just limited to the CEO role; he will also serve as BBVA’s Türkiye Country Manager. The bank’s board of directors will decide on Akten’s replacement in his current position at a later date.

Who is Mahmut Akten?

Akten, with 17 years of experience in banking and business, steps into his new role.

• Bachelor’s degree in Electrical and Electronics Engineering from Bogazici University.
• Master’s degree in Business Administration from Carnegie Mellon University.
• Began his career in 1999 with Holcim, a global construction materials company.
• Joined McKinsey & Co. in 2006, working in Boston and Istanbul, before moving to Garanti BBVA in 2012.
• Held various roles at Garanti BBVA, including Head of Retail Banking and Executive Vice President responsible for corporate, investment banking and global markets.

A proven track record

During his tenure, Bastug led Garanti BBVA through significant growth, increasing the bank’s assets by 536% over 20 quarters, equating to a compounded quarterly growth rate of 10.23%.

Recep Bastug successfully navigated Garanti BBVA through a period of significant macroeconomic and competitive challenges. We are confident that under Mahmut Akten’s leadership, the bank will continue to be one of the most profitable and respected in the country.

BBVA Group CEO Onur Genc