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.
Sphera Franchise Group, the largest food service group in Romania, has opened its first Cioccolatitaliani store in the seaside resort of Riccione, in Italy’s Rimini tourist area. This marks the official launch of Sphera Group’s development plan for the premium Italian brand of coffee, gelato, and pastry. Under the plan, it will open four locations […]
Real estate developer STC Partners has finalized the acquisition of a plot of land in Pipera, on the northern edge of Bucharest, where it will develop the residential project Quartier Pipera. The plot has a surface area of over 1.6 hectares and will host more than 450 homes. Quartier Pipera will start construction in Q2 […]
Electroputere VFU Pașcani, part of the group of private railway companies Grampet, presented on June 19 the diesel multiple unit (DMU) named Leon. The train, designed and made by Electroputere VFU Paşcani, is the first DMU entirely made in Romania in the last 80 years, the company explained. The three-car DMU has 145 seats, including […]
The mountain biking trails on the Postăvarul Massif, in central Romania, will open earlier than initially estimated. First visitors can already use the trails this weekend. The opening comes after several weeks of intense work to remove dozens of fallen trees from the mountain biking trails and to arrange them. Starting Saturday, on weekends, the […]
Forvis Mazars, the international audit, tax and advisory services partnership, announced the launch of its International German-Romanian Desk, an initiative aimed at addressing the demand for integrated cross-border tax and legal support between Germany and Romania on Thursday, June 19. According to the company, the Desk combines a highly qualified German team of lawyers with […]
Simtel (BVB: SMTL), an engineering and technology group listed on the Main Market of the Bucharest Stock Exchange, announced on Thursday, June 19, that the Romanian Financial Supervisory Authority has approved the base prospectus for a corporate bond program of up to EUR 30 million. The program allows Simtel to issue bonds in multiple tranches […]
