Fitch keeps Garanti Bank Romania’s long term rating at BBB-

Newsroom 19/05/2016 | 10:44

International rating agency Fitch Ratings confirmed the long-term and short term ratings of Garanti Bank Romania (GBR), the bank announces. 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+’.

“GBR’s support-driven Long-Term IDR is one notch below that of its parent, reflecting Fitch’s view that GBR is a strategically important subsidiary of Garanti. Fitch notes that to date, there has been no indication from Garanti or BBVA (Banco Bilbao Vizcaya Argentaria -e.n.) that they might be considering a change in their strategy for Romania as a result of BBVA gaining management control of Garanti in July 2015,” the rating agency shows.

Garanti Bank Romania shares Garanti’s branding and IT systems, while the risk management framework for both parent bank and its Romanian subsidiary are being aligned with that of Banco Bilbao Vizcaya Argentaria.

“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 Tandogan, 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).