News from Garanti Bank
Moody's Investors Service assigned A3 rating to GBI
We are pleased to announce that Moody's Investors Service upgraded Long term Bank Deposits rating of Garanti Bank International N.V. by two notches to A3 from Baa2 as at 24 February 2007. The rating upgrade reflects GBI's role as a niche player in the competitive segment of international trade finance and private banking, its strong financial fundamentals and asset quality, historically low credit losses, a reliable funding profile and solid profitability, whilst also taking into consideration GBI's exposure to emerging markets, particularly the risk of the Turkish market.
A3 rating represents the highest investment grade level so far a bank with a Turkish shareholder has ever received. We are proud of setting a new benchmark among our peers in our niche market. With this rating upgrade, in terms of risk level, GBI takes its place next to various well-established European banks.