Best Private Bank in Turkey - Garanti Masters Private Banking

Although the development of the private banking industry in Turkey is at a nascent stage, Garanti Masters Private Banking (GMPB) aims to lead the domestic industry with a management approach that is on a par with its Western European peers.

GMPB focuses on an advice-led model that involves the client so that they feel actively included in the process of managing their assets. Wealth protection has become a theme in recent years, which means that the bank has become more cautious and added extra levels of control that go beyond regulatory compliance. Since the financial crisis, clients are more discerning and are demanding increased levels of transparency. For this reason, GMPB shares detailed information with its clients about market, credit and operational risk.

Commenting on the most significant developments in the past year, Demet Apak Sermet, senior vice president at Garanti Masters Private Banking explains how mounting uncertainties surrounding the global economic outlook have moved financial stability to the top of the agenda

in Turkey.

“The government implemented policies aiming to curb the rising current account deficit,” she says. “This led to a marked rise in competition in the sector, having effects on both our AUM growth and our profitability, which we successfully managed thanks to our successful track record and our innovative nature.”

Amid rising risk aversion in global markets it was a challenge to create a value proposition consisting of products that offer capital protection as well as attractive returns, says Ms Sermet.

One of the latest products, which was introduced in September 2010, is the Global Luxury Brands Fund. It is a capital guaranteed fund and takes a bullish view on the RBS Luxury Total Return Index.

Aside from structured products, GMPB is also able to offer investment solutions that are designed specifically for individual clients.

“Garanti Masters is renowned for offering a wide variety of innovative investment solutions for the first time in Turkey, which are designed in cooperation with our own product development team. We stress the importance of understanding and measuring customers’ needs as crucial for our success,” she adds. JC