International Rating agency Fitch Ratings upgraded the ratings of Garanti Bank Romania (GBR). As such, the bank’s long term IDR was upgraded to ‘BBB-‘, from ‘BB+’ (Outlook stable) , its short term IDR, to ‘F3’ from ‘B’, and while its Support Rating also upgraded to ‘2’, from ‘3’, said the bank in a statement.

Fitch emphasized that GBR remains a strategically important subsidiary of its parent bank.

"We have a strong commitment on the local market and our strategy is to further develop and grow. Fitch’s recent upgrades of our IDRs and Support Rating confirms our long term plans", stated Ufuk Tandoğan, 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). 

Garanti Bank is held by Turkiye Garanti Bankasi AS (TGB), the largest private bank in Turkey in terms of market capitalization. TGB is a universal bank with leading presence in all business lines. The bank serves to more than 10 million customers in corporate, commercial, SME, and consumer segments offering fully integrated financial services.

Garanti Bank offers a series of quality products and services for all business segments: retail, SME and corporate, and it is one of the most dynamic and innovative banks on the local market. 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.