...Parental Support Drives Ratings: ING Bank A.S. (INGBT) is fully owned by ING Bank N.V. (A/Stable/a), and Fitch Ratings believes the parent would be highly likely to support the bank, if necessary. ING defines Turkey as one of its "growth" markets and INGBT is a strategic investment. Operating Environment: INGBT's Viability Rating considers its exposure to the volatile Turkish operating environment ¡ which experiences uneven economic growth, interest and exchange rate volatility and some policy tensions ¡ tightly managed capital and dependence on parent funding. However, it also considers the bank's reasonable asset quality. Performance Lags Peers: INGBT maintained competitive interest margins of around 5% in 9M15, but sizable credit reserve charges consumed 79% of pre-impairment profit in 9M15. Poor efficiency further supresses the bottom line. Fitch expects a moderation of reserve charges in 2016-2017 and some improvements in efficiency due to greater scale, in particular as a result of...
