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    GARAN   TRAGARAN91N1

TURKIYE GARANTI BANKASI A.S.

(GARAN)
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End-of-day quote BORSA ISTANBUL  -  2022-06-29
13.90 TRY   +0.14%
06/28BBVA hyperinflation accounting in Turkey hit Q1 group profit by 324 million euros
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06/20BBVA sees hyperinflation accounting in Turkey to have a neutral effect
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06/09TURKIYE GARANTI BANKASI : Disclosure Regarding Inside Information
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Spain's BBVA lifts stake in Turkish Garanti to 86%

05/18/2022 | 01:14pm EDT

MADRID/ISTANBUL, May 18 (Reuters) - Spain's BBVA said on Wednesday it had paid 22.76 billion Turkish lira ($1.43 billion) to raise its stake in Garanti to 85.97%, following its bid for the rest of the Turkish lender it did not own.

Like bigger Spanish rival Santander, BBVA has been expanding in emerging economies to boost income, though some analysts point to risks from its exposure to the economic uncertainty in Turkey, where inflation surged to a two-decade high of close to 70% in April.

Surpassing the 50% threshold in Garanti, with its acquisition of the further 36.12% stake, will allow BBVA to allocate more capital to the Turkish lender without launching an additional tender offer.

At the end of last month, BBVA had raised its bid for Garanti to 15.00 Turkish lira ($0.9404) per share from 12.20 lira, or to 1.985 billion euros for the 50.15% stake of Garanti it did not already hold.

Despite increasing the offer by 23% to up to 31.595 billion lira in case of full acceptance, when valued in euros, BBVA's bid was worth less than the 2.25 billion euros when it was initially announced on Nov. 15 because the Turkish currency has since depreciated by more than 28%.

BBVA Chief Executive Onur Genc said last month that the bank could start applying "hyperinflation accounting as early as in the second quarter" in Turkey. Although Genc said the change could be positive for capital, he acknowledged it would result in a hit to earnings.

On Wednesday, BBVA said in a filing to the Spanish stock market supervisor that the acquisition of the 36.12% stake in Garanti had a negative impact of 23 basis points on its core tier-1 fully loaded capital ratio, the strictest measure of solvency. (Reporting by Berna Suleymanoglu and Jesús Aguado in Madrid Editing by Andrei Khalip, Matthew Lewis and Leslie Adler)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
BANCO SANTANDER, S.A. -1.75% 2.688 Delayed Quote.-6.95%
BBVA 0.30% 4.3305 Delayed Quote.-17.76%
TURKIYE GARANTI BANKASI A.S. 0.14% 13.9 End-of-day quote.23.34%
US DOLLAR / TURKISH LIRA (USD/TRY) 0.31% 16.66257 Delayed Quote.24.41%
All news about TURKIYE GARANTI BANKASI A.S.
06/28BBVA hyperinflation accounting in Turkey hit Q1 group profit by 324 million euros
RE
06/20BBVA sees hyperinflation accounting in Turkey to have a neutral effect
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06/09TURKIYE GARANTI BANKASI : Disclosure Regarding Inside Information
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05/27TÜRKIYE'NIN CANı YANMASıN : Fire Management Grant Program) to fight forest fire..
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05/25TURKIYE GARANTI BANKASI A.S. : Ex-dividend day for final dividend
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05/19BBVA Reaches 86% Stake in Turkey's Garanti After Spending $1.5 Billion in Tender Offer
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05/18Spain's BBVA lifts stake in Turkish Garanti to 86%
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05/18Spain's BBVA Estimates Negative Impact of Garanti Deal At 23 BPS on Capital
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05/18Spain's BBVA lifts stake in Turkish Garanti to 86%
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04/29Spain's BBVA tops forecasts, boosted by emerging markets
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Financials
Sales 2022 71 539 M 4 284 M 4 284 M
Net income 2022 29 508 M 1 767 M 1 767 M
Net Debt 2022 - - -
P/E ratio 2022 1,83x
Yield 2022 10,2%
Capitalization 58 380 M 3 496 M 3 496 M
Capi. / Sales 2022 0,82x
Capi. / Sales 2023 0,82x
Nbr of Employees 18 500
Free-Float 35,4%
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Mean consensus BUY
Number of Analysts 14
Last Close Price 13,90 TRY
Average target price 17,66 TRY
Spread / Average Target 27,1%
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Managers and Directors
Recep Bastug Manager-Commercial Area
Aydin Güler EVP- Finance &Treasury
Süleyman Sözen Chairman
Emre Özbek Manager-Compliance
Mahmut Akten EVP-Investment Banking & Global Markets