Spain’s Banco Bilbao Vizcaya Argentaria (BBVA) is looking to pep up its weak growth prospects at home with a move into the fast-growing Turkish banking market.
Earlier this month, it agreed to buy a 24.9% stake in Garanti Bank, Turkey’s number two bank, for €4.2 billion and then announced it would launch a €5 billion rights issue to pay for the deal. BBVA is acquiring an 18.6% stake from cash-strapped General Electric, which will retain a minority shareholding in Garanti, and 6.3%
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