GDANSK, March 30 (Reuters) - Garanti BBVA has agreed to sell its entire Romanian business to Austria's Raiffeisen Bank for 591 million euros ($680 million), the Turkish lender said. In a statement to
Garanti Bank BBVA Sells Romanian Unit to Raiffeisen for €591 Million
Details of the Garanti BBVA and Raiffeisen Bank Deal
Agreement Announcement
GDANSK, March 30 (Reuters) - Garanti BBVA has agreed to sell its entire Romanian business to Austria's Raiffeisen Bank for 591 million euros ($680 million), the Turkish lender said.
Share Purchase Agreement and Subsidiaries Involved
In a statement to Turkey's Public Disclosure Platform on March 28, Garanti BBVA said its board approved the share purchase agreement, authorising its Dutch subsidiaries Garanti Holding B.V. and G Netherlands B.V. to sell their entire stakes in Romania-based Garanti Bank S.A. and leasing company Motoractive IFN S.A. to Raiffeisen Bank.
Scope of the Transaction
The transaction covers 100% of the share capital of both companies.
Regulatory Approvals and Timeline
Garanti BBVA said completion of the sale is subject to regulatory approvals from the relevant authorities and is expected to take place in the fourth quarter of 2026.
Background and Strategic Considerations
The bank had previously disclosed on March 10 that it was evaluating strategic options regarding its Romanian operations.
Impact on BBVA Group
Istanbul-listed Garanti is a majority-owned unit of Spain's BBVA, which estimates the transaction will have a net positive impact of around 10 basis points on its CET1 ratio and 112 million euros on the group's income statement.
Exchange Rate Information
($1 = 0.8686 euros)
Reporting Credits
(Reporting by Canan Sevgili; Editing by Daren Butler)
