BBVA puts €2bn bet on Turkey

Tim Wallace
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SPANISH lender BBVA yesterday bought another €2bn (1.6bn) stake in Turkey’s second largest private bank, Garanti.

The 14.89 per cent stake comes from Dogus Holdings, and takes BBVA’s overall stake to 39.9 per cent.

A global footprint was one fact which helped Spanish lenders BBVA and Santander through the financial crisis, as Spain’s domestic economy and housing market in particular were crushed by the crash.

In its third quarter financial results, BBVA praised “the strength of lending” in Turkey, set against “the deleveraging process in Spain.”

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