Spanish lender BBVA has raised its stake in Turkish lender Garanti by acquiring additional 14.89% stake for EUR1.99bn ($2.5bn).
BBVA, which bought 25% stake in Garanti in 2010, acquired the additional stake from Turkish conglomerate Dogus Holding.
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The deal will give BBVA control of the Garanti’s board as it pursues its strategy of overseas expansion. It can now nominate seven out of the 10 board members.
The deal will be funded through a capital increase of up to 2.6bn, through an accelerated bookbuilding procedure.
The acquisition will expand the Spanish bank’s global footprint, and is expected to boost BBVA Group profit by over EUR250m in 2016.
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