Spanish BBVA bank increases its share in large Turkish bank
Baku, Azerbaijan, Nov.20
By Rufiz Hafizoglu - Trend:
Spain's BBVA (Banco Bilbao Vizcaya Argentaria) bank has acquired additional 14.89 percent of share in Turkey's Garanti Bank by paying 5.5 billion TRY, Turkish Milliyet newspaper reported on Nov.20.
The official exchange rate on Nov.20 is 2.2315 TRY/USD.
Thus, BBVA increased its share in the bank's authorized capital from 25.01 percent to 39.9 percent.
Garanti Bank, founded in 1947, is the second largest commercial in Turkey for the volume of its assets.
The bank has 921 branches in Turkey and several branches abroad. Moreover, it has offices in London, Düsseldorf and Shanghai.
Currently, the loan portfolio of Garanti Bank is equal to $10.9 billion.
Edited by SI