BBVA Reaches 86% Stake in Turkey's Garanti After Spending $1.5 Billion in Tender Offer
19 Mai 2022 - 8:33AM
Dow Jones News
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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