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Bucharest
June 22, 2021
BUSINESS

Fitch improves Garanti Bank’s viability rating

The Fitch Ratings financial ratings agency has improved Garanti Bank Romania’s viability rating from “B” to “B+”, a communiqué remitted to the editorial office shows.

The decision reflects the optimization of Garanti Bank’s financing capacity (growth in the volume of deposits), solid gross pre-provision operating profit as well as the improvement of the local economy’s growth outlook.

“Garanti Bank’s strategy is to continue its sustainable growth over the long term, and the improvement of the viability rating offered by Fitch confirms the fact that we are on the right track,” Garanti Bank Romania CEO Ufuk Tandogan stated.

Fitch maintained unchanged the level of the other ratings offered to Garanti Bank Romania: the rating for long-term debt at “BB+”, with positive outlook, the one for short-term debt at “B,” with positive outlook, and the support rating at “3,” with positive outlook.

The positive outlook offered to Garanti Romania’s ratings reflects the positive outlook of parent-bank Turkiye Garanti Bankasi (TGB), which in turn reflects the announcement made by Banco Bilbao Vizcaya Argentaria (BBVA) in November 2014 that it will hike its participation within TGB.

Garanti Bank Romania is a member of the Garanti Romania Financial-Banking Group, which also includes Garanti Leasing (the brand under which Motoractive IFN S.A. operates) and Garanti Credite de Consum (the brand under which Ralfi IFN S.A. operates).

Garanti Bank is owned by Turkiye Garanti Bankasi A.S. (TGB), Turkey’s second-largest private bank. Garanti Bank is present in Romania since 1998.

 

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