Seventy Spanish companies assess earthquake damage in Turkey

Garanti BBVA

BBVA, Inditex, Mapfre, Ferrovial, Gestamp and Antolin are the largest Spanish companies with a presence in the country, to which Spain exported almost 6.1 billion euros up to November 2022, an increase of 22.4% (according to the latest available data published today in the newspaper Expansión).

The nearly 70 Spanish companies with a presence in Turkey are assessing the impact of the earthquake that struck the country on Monday and has caused around 20,000 deaths so far.

BBVA, for example, is the largest European bank with exposure to Turkey. It has €9 billion invested in its subsidiary Garanti, which with 21,684 employees is the second largest bank in the country, and which is subject to special accounting because inflation in Turkey exceeded 80% last year. Garanti contributes 8% of BBVA’s profits and has 105 branches in the areas devastated by the earthquake, 11% of its commercial network.

Inditex, for its part, made purchases in Turkey in 2021 from 194 suppliers, which is the highest number in the group if China is excluded (415). Its partners in the country had 926 associated garment factories and another 864 linked to other processes.

The insurance company Mapfre – which has opened a micro-donation campaign on its website for those affected – has already begun work to try to determine the extent of the earthquake in Turkey in its commitments to its policyholders in that country. The company is not present in Syria, the other country affected by the earthquake. It has 305 million euros of business in the area, 1.35% of its total portfolio.

The spectrum of national firms represented in the country covers a wide range of economic sectors: industrial, financial, textile, hotel, insurance and automotive.

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The Corner has a team of on-the-ground reporters in capital cities ranging from New York to Beijing. Their stories are edited by the teams at the Spanish magazine Consejeros (for members of companies’ boards of directors) and at the stock market news site Consenso Del Mercado (market consensus). They have worked in economics and communication for over 25 years.