Fitch upgrades Investec Bank to BBB/F2

Fitch Ratings said it upgraded Investec Bank plc's long-term and short-term issuer default ratings to BBB/F2 from BBB-/F3 and its viability rating to bbb from bbb-.

The outlook on the long-term issuer default rating is stable.

Fitch said the upgrades reflect the progress Investec has made in running down its legacy assets and reducing the concentration of its loan book towards property lending. Balance sheet deleveraging, as well as an increased focus on less capital-intensive activities have improved the bank's profitability, and have reduced tail risks. At the same time, funding and liquidity have remained sound.

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