As business slows down in its home market, Spanish bank BBVA is looking to Turkey to boost growth.
It has taken a 24.9 percent stake in Turkey’s Garanti Bank for 4.1 billion euros.
Garanti is viewed as one of Turkey’s best-run banks, but analysts questioned the logic behind this move as Turkey’s economy is volatile and BBVA’s overseas investments are largely in Latin America and the US.
Earlier this week BBVA announced it was issuing 5.1 billion euros worth of new shares.
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