Banco Bilbao Vizcaya Argentaria

The Spanish bank that owns a 49.85 percent share in Garanti BBVA launched a voluntary takeover bid yesterday for the rest of the stakes in the Turkish lender at a price of 12.20 Turkish Liras ($1.22) per share.

The Turkey Wealth Fund on March 24 announced it has finalized a syndication loan transaction amounting to €1.25 billion ($1.48 billion) with the participation of 14 banks from countries from Asia, Europe, North America, and the Middle East.

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Şahenk has been replaced by deputy chairman Suleyman Sözen, the bank said in a statement to the Istanbul stock exchange.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. 

Spanish lender Banco Bilbao Vizcaya Argentaria (BBVA) has acquired 41.79 million shares in Garanti Bank from Doğuş Holding and Doguş Araştırma Geliştirme ve Müşavirlik Hizmetleri at a cost of 7.95 Turkish Liras per share.

Spanish lender BBVA (Banco Bilbao Vizcaya Argentaria) has acquired control of Garanti Bank, one of Turkey's biggest lenders, by raising its stakes to almost 40 percent.