Turkish lender Garanti BBVA has agreed to sell its entire Romanian business to Austria's Raiffeisen Bank for 591 million euros ($680 million), the bank said over the weekend.
In a statement to the Public Disclosure Platform (KAP) on March 28, Garanti BBVA said its board approved the share purchase agreement, authorizing its Dutch subsidiaries Garanti Holding B.V. and G Netherlands B.V. to sell their entire stakes in Romania-based Garanti Bank S.A. and leasing company Motoractive IFN S.A. to Raiffeisen Bank.
The transaction covers 100% of the share capital of both companies.
Garanti BBVA said completion of the sale is subject to regulatory approvals from the relevant authorities and is expected to take place in the fourth quarter of 2026.
The bank had previously disclosed on March 10 that it was evaluating strategic options regarding its Romanian operations.
Istanbul-listed Garanti is a majority-owned unit of Spain's BBVA, which estimates the transaction will have a net positive impact of around 10 basis points on its CET1 ratio and 112 million euros on the group's income statement.
