(Bloomberg) -- The Board of Turkish lender Garanti BBVA has chosen Mahmut Akten to replace Recep Bastug who has served as CEO since 2019. Akten, currently the Executive Vice President in charge of corporate, investment banking, and global markets, will also be BBVA’s Turkey Country Manager. Spanish lender Banco Bilbao Vizcaya Argentaria SA holds an 86% stake in Garanti BBVA.
The appointment is pending legal procedures and approval from the Banking Regulation and Supervision Agency.
Akten has a Master’s degree in Business Administration from Carnegie Mellon University and started his career at Holcim in 1999. He joined McKinsey & Co. in 2006, working in Boston and Istanbul before joining Garanti BBVA in 2012.
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