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March 3, 2021
BUSINESS

Fitch affirms Garanti Bank’s Ratings

International Rating Agency Fitch Ratings affirmed the long-term IDRs of Garanti Bank Romania (GBR). As such, the bank’s long term IDR was affirmed at ‘BBB-’ (outlook stable), its short term IDR at ‘F3’, its Support Rating at ‘2’, while its Viability Rating was also affirmed at ‘b+’.

Fitch emphasized that GBR remains a strategically important subsidiary of its parent bank, Turkiye Garanti Bankasi (TGB). In July last year, Banco Bilbao Vizcaya Argentaria (BBVA) gained majority management control of TGB.

“We have a strong commitment on the local market and our strategy is to further develop and grow. Fitch’s assertion of our ratings further confirms our long term plans”, stated Ufuk Tandoğan, CEO of Garanti Bank Romania.

Garanti Bank Romania is part of the financial-banking group Garanti Romania, which brings together Garanti Leasing (the brand under which the company Motoractive IFN SA operates) and Garanti Consumer Finance (the brand under which Ralfi IFN operates).

Garanti Bank is held by Turkiye Garanti Bankasi AS (TGB), the largest private bank in Turkey in terms of market capitalization. TGB is a universal bank with leading presence in all business lines. The bank serves more than 14 million customers in corporate, commercial, SME, and consumer segments offering fully integrated financial services.

Garanti Bank Romania offers a series of quality products and services for all business segments: retail, SME and corporate, and it is one of the most dynamic and innovative banks on the local market. Present in Romania since 1998, the bank has developed a solid portfolio of clients and expanded its national presence through branches and alternative channels, reaching an extended network of 84 branches and over 300 intelligent ATMs that can be used by anyone, not just bank customers, for transactions with or without cards.

Garanti Bank was awarded in 2015 by world-renowned magazine Global Finance, as “Best Consumer Digital Bank in Romania” and “Best Integrated Consumer Bank Site in Central and Eastern Europe Region”. The distinctions were granted within the “2015 World’s Best Consumer Digital Banks in Central and Eastern Europe Competition”.

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