Spanish banking group BBVA has acquired an additional 9.95% stake in Turkey’s Garanti Bank from Dogus Holding in an €859m deal.

BBVA paid TRY7.95 per share for the acquisition of the additional stake. The deal, slated to be completed during the first half of 2017, will boost BBVA’s stake in the Turkish lender to 49.85%.

Dogus chairman Ferit Sahenk will continue to serve as chairman of Garanti following the transaction.

BBVA CEO Carlos Torres Vila said: “The long-term growth prospects for both Garanti and Turkey continue to be very positive despite the current uncertainties. This is a great opportunity to increase our stake in one of our key franchises under very attractive terms.”

Garanti, focused particularly in Turkey’s Western region, has 5,125 ATM and 1,131 branches, The bank employs 23,678 staff and has 14.7 million customers.

In 2011, BBVA first invested in Garanti with a 25% stake purchase from Dogus and General Electric. It raised its shareholding to 39.90% in the Turkish bank in 2015 by acquiring an additional stake from Dogus, thereby becoming the leading shareholder of Garanti.

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