BBVA Boosts Bet on Turkey in $2.6 Billion Bid for Garanti
- Spanish lender to bid for 50.15% it doesn’t own in bank
- Some rivals winding down Turkey holdings amid volatility
A Turkiye Garanti Bankasi bank branch in Istanbul.
Photographer: Nicole Tung/BloombergThis article is for subscribers only.
Banco Bilbao Vizcaya Argentaria SA is seeking full control of its Turkish unit in a deal valued at as much as 25.7 billion liras ($2.56 billion), increasing its bet on the country amid a slump in the nation’s currency.
The Spanish lender will offer 12.20 liras per share for the 50.15% it doesn’t own in Turkiye Garanti Bankasi AS, according to a statement from the bank on Monday. That represents a premium of about 15% over Garanti’s closing price on Nov. 12.