International Rating Agency Fitch Ratings upgraded Garanti Bank Romania’s (GBR) Outlook to Stable, and confirmed its ratings. As such, the bank’s Long Term IDR was confirmed to ‘BBB- (Investment grade)‘, its Short Term IDR, to ‘F3’, its Support Rating to ‘2’, and its Viability Rating to ‘b+’.
Fitch emphasized the strategic importance of Banco Bilbao Vizcaya Argentaria’s presence within Turkiye Garanti Bankasi’s shareholding, GBR’s parent bank.
“We have a strong commitment on the local market and our strategy is to further develop and grow. Fitch’s recent Outlook revision and afirmation of our IDRs, Support and Viability Ratings confirm our long term plans”, stated Ufuk Tandogan, CEO of Garanti Bank Romania.
About Garanti Bank Romania
Garanti Bank 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), Turkey’s second largest private bank. 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. In 2015, Spanish financial group Banco Bilbao Vizcaya Argentaria (BBVA) gained majority management control of TGB.
Garanti Bank Romania offers a series of quality products and services for all business segments: retail, SME and corporate. 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 2016 by world-renowned magazine Global Finance, as “Best Consumer Digital Bank in Romania”. The distinctions were granted within the “2016 World’s Best Consumer Digital Banks in Central and Eastern Europe Competition”.