Bucharest, 12 December 2023 – International Rating Agency Fitch Ratings has affirmed Garanti BBVA Romania’s (GBR) Long Term Issuer Default Rating at ‘BB-‘ with a stable outlook and its Viability Rating (VR) at ‘bb-‘.
For the second time within the past 12 months, the rating agency has reaffirmed these metrics, following its initial affirmation in December 2022.
Fitch underscores that GBR’s IDRs are driven by its standalone strength, as reflected in its VR. Moreover, the VR also mirrors GBR’s robust capitalization, reasonable asset quality and profitability metrics, and generally stable funding and liquidity,
” As the year draws to a close, it is noteworthy to assert that 2023 has exhibited improvements over its predecessors, notwithstanding the persistent economic challenges. Despite this, our adept ability to adapt, adhere to planned business development, surpass initial projections, and maintain strong relationships with our clients has been evident. The affirmation of Garanti BBVA Romania’s outlook and rating by Fitch serves as validation for our well-calibrated strategy and the diligent efforts of our teams”, stated Mustafa Tiftikcioglu, CEO of Garanti BBVA Romania.
The affirmation of Garanti BBVA`s ratings coincides with Fitch’s observation of Romania’s economic environment strengthening, aligning with Central and Eastern European standards. This convergence is anticipated to enhance opportunities for Romanian banks to engage in successful business activities.
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About Garanti BBVA
Garanti BBVA is part of the Garanti BBVA Romania Group, together with Garanti BBVA Leasing and Garanti BBVA Consumer Finance, which complete the bank’s offer with specific leasing products, fleet management services, as well as consumer loans. In 2023, the bank celebrates twenty-five years of active presence within the Romanian banking system.
Garanti BBVA România is owned by Garanti BBVA Turkey (TGB), the second-largest private bank in Turkey. The majority shareholder of Garanti BBVA Turkey is the Spanish financial group Banco Bilbao Vizcaya Argentaria (BBVA).
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