BBVA BBVA Bilbao Vizcaya Argentaria SA

By Joshua Kirby

Banco Bilbao Vizcaya Argentaria SA said Monday that it is raising its voluntary takeover bid for the shares in Turkey's Turkiye Garanti Bankasi SA it doesn't already own.

The Spanish bank said it is increasing the offer to 15 Turkish lira ($1.02) a share, from TRY12.20 previously. This would take the maximum amount payable to TRY31.6 billion, about $2.14 billion.

The last day of the acceptance period will now be May 18, it said.

Assuming all Garanti shareholders accept the offer, BBVA expects a hit of about 34 basis points to its common equity Tier 1 fully loaded ratio, which measures its capital strength.

BBVA said in November it would buy out a remaining 50.15% stake in the Turkish lender. The bid was valued at roughly $2.58 billion at the time, more than the valuation in dollars of the new, increased bid.

Write to Joshua Kirby at joshua.kirby@wsj.com; @joshualeokirby

(END) Dow Jones Newswires

April 25, 2022 02:06 ET (06:06 GMT)

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