By Ed Frankl

 

Banco Bilbao Vizcaya Argentaria SA said late Wednesday that it now controls 86% of its subsidiary Turkiye Garanti Bankasi AS after a voluntary tender offer closed for the 50.15% stake it didn't already own.

At the end of the acceptance period on Wednesday, the Spanish bank said it had acquired a further 36% in Istanbul-based Garanti, for 1.41 billion euros ($1.48 billion).

The transaction will hit BBVA's common equity tier 1 ratio--a measure of a bank's financial strength--by 23 basis points, the bank said.

BBVA launched its offer to buy the remaining stake in the Turkish lender in November.

 

Write to Ed Frankl at edward.frankl@dowjones.com

 

(END) Dow Jones Newswires

May 19, 2022 02:18 ET (06:18 GMT)

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