To cope with the pandemic and ultra-low interest rates, BBVA last year sold its U.S. It's called total impoverishment (of the country)."īBVA needs approval from Turkey's Capital Markets Board and the BDDK bank watchdog, government regulators that could technically block the offer. "Now, more companies will go to the vultures, with the bank's share at 10 Turkish Lira, getting cheaper in dollars.
"We say that exports are going cheap, tourism is going cheap, housing is going cheap by giving citizenship to foreigners," Mustafa Sonmez, a Turkish economist and columnist, said on Twitter. Some economists in Turkey expressed concern that recently depreciated assets in the country could now be snapped up at very cheap prices by foreign companies. Torres said the deal's entry price in euros was "very attractive", and in lira for the minority shareholders. īBVA has been hedging on the foreign exchange markets to protect its earnings and capital from headwinds in Turkey and bank executives said on Monday it would continue to do so. Turkey's lira has weakened sharply in recent months and hit a record low of 10.05 to the dollar.
Shares in BBVA fell 3.9%, while shares in Garanti rose around 10% on the news.īBVA Chairman Carlos Torres tried to dismiss some market concerns, saying on Monday that the lira depreciation and a potential further economic deterioration was "already priced in because the returns are so positive".īBVA is taking advantage of policy missteps in Turkey, where the central bank has slashed interest rates by 300 basis points since September despite inflation rising to nearly 20% and is expected to cut again this week. broker said increasing the stake in Garanti was more accretive in terms of earnings per share than doing a share buyback for 1.4 billion euros, which it said was equivalent in terms of capital impact. JP Morgan said in note to clients it expected some share price weakness on the "back of the economic and political risks associated with a larger stake in Garanti."īut the U.S. Last week UniCredit (CRDI.MI) sold its remaining stake in Yapi Kredi to Kok Holding (KCHOL.IS) for 300 million euros.
Other major foreign banks have by contrast been pulling back from Turkey. Administration of.BBVA, like rival Santander (SAN.MC), is struggling to earn money from more mature markets in Europe and has been expanding in emerging markets, where it sees greater growth opportunities. At the end of the treatment period, bodyweight and the weight of the reproductive organs, sperm concentration and motility, testicular tissue lipid peroxidation, anti-oxidant enzyme activity and apoptosis (i.e. All treatments were maintained for 8 weeks. The control group was treated with placebo the LC, EA and CP groups were given LC (10 mg kg–1), EA (2 mg kg–1) and CP (15 mg kg–1), respectively, alone the CP+LC group was treated with a combination of CP (15 mg kg–1) and LC (10 mg kg–1) and the CP+EA group was treated with a combination of CP (15 mg kg–1) and EA (2 mg kg–1). Forty-eight healthy adult male Sprague-Dawley rats were divided into six groups of eight rats each. more The present study was conducted to investigate the possible protective effects of lycopene (LC) and ellagic acid (EA) on cyclophosphamide (CP)-induced testicular and spermatozoal toxicity associated with the oxidative stress and apoptosis in male rats. The present study was conducted to investigate the possible protective effects of lycopene (LC) a.