Fitch upgrades Garanti Bank Romania to BBB-

"The upgrade of Garanti Bank Romania rating follows the one of shareholder Turkiye Garanti Bankasi (TGB), which reached the Country Ceiling, BBB," Garanti Bank Romania said in a statement.

The rating upgrade reflects the improved ability of TGB to provide support to its Romanian unit in case of need. Fitch believes Garanti Romania is strategically important to its parent and it factors a high probability of parent support into its ratings, the statement also said.

“Garanti Bank Romania’s rating improvement, following the upgrade of Turkiye Garanti Bankasi rating, sends a positive signal for the Romanian banking system and reflects the stability of Garanti Bank, as well as its strategic importance for its shareholder," Ufuk Tandogan, general manager of Garanti Bank Romania, said in the statement.

Garanti Bank is a universal bank, offering a complete range of products and services for all business segments – retail, SME and corporate. Garanti Bank, present in Romania since 1998, has a network of 78 units.