Spanish bank BBVA completes sales negotiations with Turkish firm
Spanish bank BBVA has completed sales negotiations with Garanti Bank as it looks to move into the Turkish banking sector.
BBVA has acquired a 24.9 per cent stake in the Turkish bank for around $5.8 billion (£3.6 billion), with the Spanish firm raising $5.06 billion to finance the deal.
"BBVA wants to be in markets with the best potential for growth and Turkey, through a leader bank like Garanti, is undoubtedly one of those," BBVA chairman Francisco Gonzalez said in a statement.
The Spanish bank will jointly run the Turkish firm with Garanti's parent organisation Dogus Group. The two companies will hold a combined stake of around 49.8 per cent.
Garanti Bank is the second-biggest private bank in Turkey based on assets and is the largest in the country based on marked value. It employs approximately 20,000 staff in Turkey and Romania.