Tags: EU | Spain | BBVA | Garanti | Bank

Spain's BBVA to Buy Stake in Turkey's Garanti for $5.8 Billion

Tuesday, 02 Nov 2010 03:48 AM

 

Share:
  Comment  |
   Contact Us  |
  Print  
|  A   A  
  Copy Shortlink

Spanish bank BBVA said Tuesday it has agreed to acquire a 24.89 percent stake in Turkey's Garanti Bank for 4.2 billion euros ($5.84 billion) in cash and run it jointly with the Turkish bank's main shareholder.

BBVA, Spain's largest bank after Banco Santander, said it will buy the stake from the Turkish bank's two main shareholders, Dogus Holding and the General Electric Group.

BBVA announced the move in a filing with Spanish stock market regulators. It says the deal is subject to approval by Spanish, Turkish and European regulators.

It said Garanti Bank is Turkey's second-largest private bank in terms of assets, equivalent to 60 billion euros as of June 30, and has about 20,000 employees working in 837 branch offices.

If the deal goes through, BBVA will have exactly the same stake in Garanti Bank as Dogus Holding and they will run Garanti Bank together, BBVA said.

BBVA ha agreed to acquire from Dogus shares that amount to a 6.29 percent stake in Garanti Bank, and it wants to acquire the entire 18.6 percent stake GE now holds, the Spanish bank said.

© Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Share:
  Comment  |
   Contact Us  |
  Print  
  Copy Shortlink
Around the Web

Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Country
Zip Code:
Privacy: We never share your email.
 

You May Also Like
Around the Web

Most Commented

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved