Banking Regulation and Supervision Agency (BDDK), the Turkish banking regulator, has given the go-ahead to BBVA’s acquisition of an additional 14.89% stake in Turkey’s Garanti Bank.
The share deal forms part of the Spanish lender’s strategy to grow its global footprint.
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The deal, valued at EUR2.5bn ($2.73bn), would increase BBVA’s shares in the bank to nearly 40 percent, as well as will offer it control over the board.
The transaction is still subject to other relevant regulatory approvals in and outside of Turkey.
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