11/2/2010

Spain's Banco Bilbao Vizcaya Argentaria has signed a deal to buy a 24.9% interest in Turkish lender Garanti Bankasi for $5.8 billion. BBVA said it will pay for the acquisition through a rights offering. BBVA is the second-largest bank in Spain by market capitalization, while Garanti is Turkey's second-largest bank by assets.

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