Banco Bilbao Vizcaya Argentaria
Spain's BBVA, which has a majority stake in Turkey's Garanti Bank, is looking to buy another bank in the country, BBVA chief Carlos Torres Vila has said.
BBVA is not actively in talks as there are no banks for sale, but Turkey is a strategic market, he said. "We want to grow in Turkey. We want to acquire another lender that will bring value to Garanti."
Spanish lender BBVA has become the leading shareholder in Garanti, Turkey?s largest bank in terms of market capitalization, the companies said on July 27 in a joint press conference.
After completing the transaction announced last November to acquire an additional 14.89 percent holding, the BBVA Group now owns to 39.9 percent of Garanti.
Turkish developer Garanti Koza will build a 240 million euros ($260 million) commercial and residential complex in Sofia, one of the biggest private-sector property projects in Bulgaria, the company said on July 21.
The Black Sea state needs foreign investment to spur growth and help reduce fiscal deficits that have put pressure on its lev currency peg to the euro.
Net profit more than doubled at Spanish lender BBVA in the first quarter from a year ago, as its Turkish arm, Garanti Bankasi also increases profits.
Like Spanish peer Santander, BBVA makes more than 80 percent of its profit overseas, a model that helped it to counter a double-dip recession at home in recent years.