International Rating agency Fitch Ratings affirmed the long-term IDRs of Garanti Bank Romania, a press release informs.
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+’.
Also, Fitch emphasized that Garanti Bank Romania remains a strategically important subsidiary of its parent bank, Turkiye Garanti Bankasi (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”, Ufuk Tandoğan, CEO of Garanti Bank Romania stated.
In 2015, Turkish Garanti Group has reached a total net profit of RON 100.4 million in Romania, three times higher than the previous year, a press release informs. The increase was mainly generated by Garanti Bank’s increase in net profit, which at the end of 2015 reached RON 65.3 million.
Present in Romania since 1998, the bank reached an extended network of 84 branches and over 300 intelligent ATMs. 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”.