February 22, 2017 / 7:18 AM / 9 months ago

BRIEF-BBVA agrees to buy 9.95 percent stake of Turkey's Garanti Bank

Feb 22 (Reuters) - Bbva

* BBVA has entered today into an agreement for acquisition from Dogus Holding a.s. and Dogus Arastirma Gelistirme ve Musavirlik Hizmetleri a.s. of 41,790,000,000 shares of Turkiye Garanti Bankasi amounting to 9.95 percent of the total issued share capital of Garanti Bank at a total consideration of 7.95 Turkish Liras per share

* Completion of the Acquisition is conditional on (i) obtaining the approval of the general assembly of each of the sellers authorizing the execution of the acquisition and the transfer of the shares to BBVA and (ii) obtaining of the applicable regulatory approvals

* Completion of the acquisition is expected to occur during the first half of 2017 Source text for Eikon: Further company coverage: (Reporting By Pamela Barbaglia)

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