BBVA: Garanti Bank is our biggest investment

Published 27.11.2014 00:00
Updated 27.11.2014 10:11
BBVA: Garanti Bank is our biggest investment

Banco Bilbao Vizcaya Argentaria (BBVA), one of the largest banks in Spain, has purchased 14.89 percent of Garanti Bank's shares by paying $2.5 billion to Doğuş Group, obtaining the majority in the management of Garanti Bank.

Attending a live radio show, the CEO of BBVA, Francisco Gonzales, noted that with a young population of 75 million under the age of 28, Turkey is a very promising market and added that BBVA tries to invest in countries with a young population and high economic growth rates as Turkey exemplifies.

Emphasizing that it was the right decision to purchase a majority of shares in Garanti Bank, Gonzales said that this is one of the biggest and most significant investments BBVA has made for the future. Referring to Garanti Bank as "the best bank in the country," Gonzales added that they are not afraid of tensions in the region and are prepared for such uncertainties because they have much knowledge of Turkey.

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