By Ed Frankl


Banco Bilbao Vizcaya Argentaria SA said late Wednesday that it now controls 86% of its subsidiary Turkiye Garanti Bankasi AS after a voluntary tender offer closed for the 50.15% stake it didn't already own.

At the end of the acceptance period on Wednesday, the Spanish bank said it had acquired a further 36% in Istanbul-based Garanti, for 1.41 billion euros ($1.48 billion).

The transaction will hit BBVA's common equity tier 1 ratio--a measure of a bank's financial strength--by 23 basis points, the bank said.

BBVA launched its offer to buy the remaining stake in the Turkish lender in November.


Write to Ed Frankl at edward.frankl@dowjones.com


(END) Dow Jones Newswires

05-19-22 0218ET