BBVA (BBVA) will buy a 24.9% stake in Garanti bank for $5.84B, buying the stake from Dogus...

|By:, SA News Editor

BBVA (BBVA) will buy a 24.9% stake in Garanti bank for $5.84B, buying the stake from Dogus Holding and GE (GE) and financing it with a €5B ($6.9B) rights offer. The deal will help BBVA reduce its dependence on the weak Spanish domestic market, while giving it a foothold in Turkey's relatively resilient banking sector.