Banco Bilbao Vizcaya Argentaria
Banks in Turkey plan to restructure between $7 and $8 billion of current credit debt of energy companies so they can repay their debts by 2020-2021 and ease their ability to potentially participate in further energy investments during this term, Ebru Dildar Edin, executive vice president for corporate and investment banking at Garanti Bank, said Thursday.
Spain's BBVA named Onur Genç as its new chief executive on Nov. 28, with the head of the Spanish bank's U.S. operations due to take over its online transformation from Carlos Torres at the end of 2018.
Spanish bank BBVA is adopting a cautious approach to Turkey and might have to set aside more money as a result of the worsening economic situation in its fifth-largest market.
Spain's BBVA is the international lender most exposed to Turkey, deriving a third of its pre-tax profits from a country where the currency is losing against the U.S. dollar and euro, and inflation is in double-digits, ABN AMRO analysts have said.
The International Finance Corporation (IFC) has invested $75 million in a bond issued by Turkish private lender Garanti Bank to boost loans for women entrepreneurs' href='/search/women entrepreneurs'>women entrepreneurs in Turkey, it announced on June 13.
Defense giant Aselsan, 85 percent of which is owned by the Turkish Armed Forces Foundation, became the most valuable company listed on the Istanbul main stock exchange (BIST) on Nov. 14, surpassing Garanti Bank and Koç Holding early.
Garanti Bank, one of Turkey's biggest private lenders, announced on Sept. 19 that its board chairman Ferit Şahenk had resigned.
Şahenk has been replaced by deputy chairman Suleyman Sözen, the bank said in a statement to the Istanbul stock exchange. Jorge Saenz-Azcunaga Carranza has been appointed as the new deputy chair.
Turkey's benchmark index advanced by 0.25 percent to stand at 100,440.39 points at the close of June 30, marking a 0.80-percent rise compared with last week.
Borsa Istanbul's BIST 100 index posted its highest "week close" with a 250.08-point increase, while the total trading volume was 4.1 billion Turkish Liras (approximately $1.16 billion).