Turkey

European economy, European politics 16th May 2023

BBVA falls more than 4% on stock market after uncertain elections in Turkey

Capital Madrid | The Turkish bet of the former BBVA president, Francisco González (currently indicted in court for the conspiracy to spy on politicians, businessmen, and private individuals), has not stopped growing, even after several recent incidents of corruption. Political instability, terrorism, and excessive volatility are reducing its profitability to a minimum. On the semi-holiday stock market day yesterday, Monday 15 May (Madrid was celebrating the day of its patron…

Spanish economy 10th February 2023

Seventy Spanish companies assess earthquake damage in Turkey

BBVA, Inditex, Mapfre, Ferrovial, Gestamp and Antolin are the largest Spanish companies with a presence in the country, to which Spain exported almost 6.1 billion euros up to November 2022, an increase of 22.4% (according to the latest available data published today in the newspaper Expansión). The nearly 70 Spanish companies with a presence in Turkey are assessing the impact of the earthquake that struck the country on Monday and…

Spanish economy 19th May 2022

BBVA Reaches 86% Of Turkey’s Garanti Following The Takeover Bid

BBVA has reached a stake of 85.97% in its Turkish subsidiary Garanti after the closing of the takeover bid it had launched for the 50.15% of the capital it did not control. The bank, headed by Carlos Torres Vila as chairman, has paid 22,758 million Turkish liras (around 1.410 billion euros at the exchange rate) for the 36.12% it has acquired after the transaction. The payment was made from its…

Spanish economy 25th April 2022

BBVA Hikes Price Of Bid For 50.15% Of Turkey’s Garanti From 12.20 To 15 Liras/Share

BBVA’s board of directors has decided to increase the price of the takeover bid it launched last November for the 50.15% stake it does not control in Garanti, its Turkish subsidiary. Specifically, the bank has upgraded the takeover bid from 12.20 to 15 Turkish liras per share, as reported to the National Securities Market Commission (CNMV). BBVA flags that the total outlay for the takeover bid will be 31.595 billion…

Spanish economy 1st April 2022

Turkey Gives The Green Light To BBVA’s Takeover Bid For 50.15% Of Garanti

Turkey’s securities supervisor (Capital Markets Board) has authorised BBVA’s takeover bid for the 50.15% it does not own in Turkish subsidiary Garanti, the bank has informed the National Securities Market Commission (CNMV). The offer will begin on 4 April and end on 29 April. BBVA, which owns 49.85% of Garanti’s capital, announced the takeover bid in November last year. It made the offer at 12.20 Turkish liras per share, with…

European economy 14th February 2022

Turkey: Annual GDP Set To Grow 7% In February

Ali Batuhan Barlas / Adem Ileri / Seda Guler Mert / Sinem Senel / Yesim Ugurlu Solaz (BBVA Research) | Industrial Production (IP) surprised onthe upside, increasing 14.4%yoy in calendar adjustedterms (vs market expectation of 0.8%). IP also rose by 1.6% mom, resulting in a 4.3% quarter-on-quarter growth in 4Q21 (vs 2.0% qoq in 3Q21). Both retail sales and turn over index in the services sector suggest that consumption remains…

European economy 1st December 2021

Turkey | GDP growth Reached 11.7% Year-To-Date

BBVA Reseacrh | Turkish economy grew by 7.4% yoy in 3Q21, resulting in a growth rate of 11.7% in the first three quarters of the year. 2021 GDP growth will likely reach 10.5-11%, beating our current 9.5% forecast. Though, recent currency shock and accompanying tighter financial conditions will likely weigh on the downside for 2022 growth. The quarter-on-quarter growth rate accelerated to 2.7% after growing by 1.5% in 2Q21. Domestic…

Spanish economy 18th November 2021

BBVA: Turkey Is Better Than The US Or Spain

Fernando González Urbaneja | Turkey consolidates BBVA’s internationalisation as the third leg of a bank based on Mexican, Spanish and Turkish business. Three different markets, three currencies, three economic areas. Diversification with risks, perceived as an opportunity. The Turkish bet is not new. It dates back to 2011 when the bank led by Francisco González surprised the market with the purchase of an almost majority stake in Garanti (49%), one…

Spanish economy 15th November 2021

With The Turkish Lira At Historic Lows, BBVA Launches A €2.25 billion Takeover Bid For The 51% Stake In Turkey’s Garanti It Does Not Control

BBVA, which currently holds 49.85% of the capital of Turkish bank Garanti has agreed to launch a voluntary takeover bid for the remaining 50.15% it does not hold. BBVA is offering Garanti’s shareholders 12.20 Turkish Liras in cash for each share of the Company. This is a 15% premium to the 10.58 Turkish lira at which the bank’s shares were trading on Friday 12 November. The maximum amount to be…

European economy 21st April 2021

Turkey Bans Bitcoin To Protect The Lira, Which Has Lost 70% Of Its Value In 6 Years

Fernando Alberca | Turkey’s central bank has announced that, as of 30 April, all bitcoin payments and exchanges of cryptocurrencies to fiat currencies will be illegal. This will prohibit “any direct or indirect use of cryptoassets in payment services and the issuance of electronic money”.

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