The international rating agency Fitch Ratings has revised upwards the Long-Term Debt Rating (IDR) of Garanti BBVA Romania (GBR) to ‘BB’ from ‘BB-‘ with Stable Outlook, this improvement representing the significant recognition of the solid financial position of the bank and its capacity to operate efficiently in the economic landscape of Romania.According to a press release of the bank, sent on Monday, Fitch improved the Viability Rating (VR) of GBR to ‘bb’ from ‘bb-‘ and the Shareholder Support Rating (SSR) to ‘bb-‘ from ‘b-‘. ‘The rating agency says that the IDR ratings of Garanti BBVA Romania (GBR) are supported by the bank’s capacity to operate in a Romanian improved economic environment, as it is reflected in the updating of the Viability Rating (VR)’ says the bank in the press release.Simultaneously, VR shows the solid capital indicators of the bank, historically high asset quality, adequate liquidity and a stable funding profile supported by a granular deposit base.‘This upward review of the ratings by Fitch reflects the solidity of our operational framework and commitment to sustainable growth on the local market. At Garanti BBVA Romania, we continue to prioritize the provision of innovative financial services and support the aspirations of our customers and local communities, proudly that the new ratings granted by Fitch are an important recognition of our well-founded strategy and the dedicated work of our team’ said Mustafa Tiftikcioglu, the general manager of Garanti BBVA Romania, quoted in the press release.The Garanti BBVA bank is part of the Garanti BBVA Romania group, together with Garanti BBVA Leasing and Garanti BBVA Credite de Consum, which complete the bank’s offer with specific leasing products, fleet management services, as well as consumer loans. In 2023, the bank celebrated 25 years of active presence in the Romanian banking system. Garanti BBVA Romania is owned by Garanti BBVA, the second private bank of Turkey in terms of assets, with the Spanish financial group Banco Bilbao Vizcaya Argentaria (BBVA) as the majority shareholder.
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