BBVA €859 million acquisition of 9.95% stake in Turkiye Garanti Bankasi

Overview:

• Spanish bank BBVA has acquired a 9.95% stake in Turkiye Garanti Bankasi from the the Turkey-based Doğuş Group for €859 million.
• Following the acquisition, BBVA holds a 49.85% stake in Garanti.
• It had earlier purchased a 24.9% stake for $5.8 billion from General Electric and Doğuş in 2010, at the time the largest ever acquisition in the banking sector and the second-largest Turkish M&A deal ever. It followed that with the acquisition of a 14.89% stake for €1.9 billion, again from Doğuş, in 2015.

Jon Moore - Journalist