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GSD Holding provides factoring services through GSD Factoring (GSD Faktoring A.Ş., a 89.53% owned subsidiary. GSD Factoring offers its services at a wide geography, including not only Istanbul, where its headquarters is located, but also in industry and commerce centers of Anatolia. As a member of Factors Group S.A. since 1996, it finances exports and provides guarantee services. GSD Factoring is a member of Financial Leasing, Factoring and Financing Companies Association (Association of Financial Institutions) established on 25 July 2013.

The domestic factoring turnover of GSD Factoring decrease by 8.3% in 2014, amounting TL 656 million, whereas the export factoring turnover increase by 125.5%, amounting USD 11.5 million. Factoring activities provide for 4.7% of consolidated assets, and contributed TL 2.2 million in 2014, which amounts to 99.9% of GSD Holding's consolidated net profits.


On 30.12.2007, the VAT rates for transfers of leased property were increased to match general VAT rates. To make the matters worse, global recession which hit on year 2008 led to falls in the demand for investment. As a result, the leasing business narrowed down substantially. Moreover, the aggressive strategies of commercial banks offering medium and long term loans to small and medium sized enterprises increased the heat of competition in the industry harsher, leading to much lower profit margins. Based on an assessment of the picture at hand, the management of the group decided to withdraw from the leasing services market, and invest the resources of the company in fields where higher values can be generated for our shareholders in the long term. In this respect, our affiliated company Tekstil Finansal Kiralama A.Ş. held and Extraordinary General Assembly and changed its field of activity as well as title on 24.08.2011. So was born "GSD Denizcilik Gayrimenkul İnşaat San. ve Tic. A.Ş.". The company adopted the brand of "GSD Marin".

Although the subsidiary ceased to offer new leasing services, all rights and obligations arising from existing leasing contracts as per the Leasing Law numbered 3226, shall be maintained until the expiration of relevant contract. Due to existing contracts, the leasing segment and relevant activities will continue to have a place in our financial statements for a while.