BBVA Raises Stake in Garanti to 49.85%

BBVA has agreed to acquire 9.95% of Turkiye Garanti Bankasi from Dogus Group for approximately a total of 3.32 billion Turkish lira (€859 million), increasing its stake in Turkey’s largest bank by market capitalization to 49.85%. The acquisition of the additional stake would boost BBVA Group’s net attributable profit by about €165 million in 2018, according to analysts’ consensus for Garanti’s earnings.