Bloomberg News

BBVA Names Garanti’s Sezgin as Global Payment Systems Head

April 16, 2012

Banco Bilbao Vizcaya Argentaria SA (BBVA), Spain’s second-biggest bank, named Mehmet Sezgin as head of global payment systems.

Sezgin joins from Turkiye Garanti Bankasi AS, the Turkish lender (GARAN) in which BBVA holds a 25 percent stake, the Bilbao, Spain-based bank said today in an e-mailed statement. He will report to Jose Maria Garcia Meyer-Dohner, head of global retail and business banking.

BBVA relies on payment systems for more than 10 percent of gross income, the bank said. The bank is seeking to tap Garanti’s expertise in Turkey to extend the use of payment systems such as bank cards in markets such as Spain and Mexico, Garcia Meyer-Dohner said in an interview.

As much as 32 percent of “all personal consumer expenditure is done with cards in Turkey, but that means there is still 68 percent done in cash that we need to replace,” said Sezgin, 49, who will be based in Istanbul and remain as co- chairman of Garanti’s payment systems division. “Turkey is a good example of putting cards into the hands of people and getting merchants to employ these card transactions.”

The levels of card use for payments in Turkey compares with about 16 percent in Spain and 7 percent in Mexico, the countries that are the biggest contributors to BBVA’s earnings. Consumer banking accounted for 81 percent of BBVA’s revenue in 2011.

To contact the editor responsible for this story: Frank Connelly at fconnelly@bloomberg.net


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