BBVA Garanti

Garanti BBVA

BBVA Reaches 86% Of Turkey’s Garanti Following The Takeover Bid

BBVA has reached a stake of 85.97% in its Turkish subsidiary Garanti after the closing of the takeover bid it had launched for the 50.15% of the capital it did not control. The bank, headed by Carlos Torres Vila as chairman, has paid 22,758 million Turkish liras (around 1.410 billion euros at the exchange rate) for the 36.12% it has acquired after the transaction. The payment was made from its…


Garanti BBVA

BBVA Hikes Price Of Bid For 50.15% Of Turkey’s Garanti From 12.20 To 15 Liras/Share

BBVA’s board of directors has decided to increase the price of the takeover bid it launched last November for the 50.15% stake it does not control in Garanti, its Turkish subsidiary. Specifically, the bank has upgraded the takeover bid from 12.20 to 15 Turkish liras per share, as reported to the National Securities Market Commission (CNMV). BBVA flags that the total outlay for the takeover bid will be 31.595 billion…


Garanti BBVA

Turkey Gives The Green Light To BBVA’s Takeover Bid For 50.15% Of Garanti

Turkey’s securities supervisor (Capital Markets Board) has authorised BBVA’s takeover bid for the 50.15% it does not own in Turkish subsidiary Garanti, the bank has informed the National Securities Market Commission (CNMV). The offer will begin on 4 April and end on 29 April. BBVA, which owns 49.85% of Garanti’s capital, announced the takeover bid in November last year. It made the offer at 12.20 Turkish liras per share, with…


Garanti BBVA

The Rate Rise In Turkey Gives BBVA Breathing Space

Last week the Central Bank of Turkey raised its interest rate to 10.25% (compared to 8.25% previously). The Turkish lira recovered by 1% briefly against the euro and the dollar, but soon retook its downward trend. However, the move did give an unexpected boost to BBVA. Through its subsidiary Garanti, Turkey has become the Spanish bank’s third largest market by volume. BBVA’s shares shot up 5.3% (2,284 euros). A few days earlier, BBVA shares had recorded their minimum annual level of 2.16 euros