2/3/2011

Spanish bank BBVA: Turkey is an excellent market

Aksam - Banco Bilbao Vizcaya Argentaria S.A (BBVA), one of Spain’s leading banks and a shareholder of Turkey’s Garanti Bank, has reported a 9.4 percent rise in its 2010 profits. BBVA recently entered the Turkish banking market by acquiring a 29.4 percent share in Garanti Bank from Dogus Holding.

The firm’s net profit increased by 9.4 percent over the year 2009 to reach EUR 4.6 billion, said a statement. The bank also limited its core capital ratio to 8.6 percent due to the Garanti Bank acquisition, which will be paid off either in late March or early April this year.

Stressing the importance of Turkey’s young population, BBVA's Chairman and CEO, Francisco González, said that Turkey is an excellent market in which to do business, with a very reputable international position. “We have partnered with Turkey’s leading bank and are extremely content with the Garanti Bank acquisition,” he said.
turkey; spain; spanish bank; turkish banking market; turkish bank; garanti; bbva