Spanish Lender Takes $5.9B Stake In Turkish Bank

Law360, New York (November 2, 2010, 5:27 PM EDT) -- Banco Bilbao Vizcaya Argentaria SA said Tuesday that it will shell out €4.2 billion ($5.9 billion) to gain joint control of Turkiye Garanti Bankasi AS, one of Turkey’s leading banks, in a move that gives the Spanish lender access to a major emerging market.

BBVA, Spain's second largest bank behind Banco Santander SA, said it would acquire a nearly 25 percent stake in Garanti and reached an agreement with Dogus Holding AS to jointly manage the Turkish bank.

“BBVA wants to be in markets with the...
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