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Spain's BBVA betting strongly on Turkey, Garanti - CEO
March 14, 2014 / 12:21 PM / 4 years ago

Spain's BBVA betting strongly on Turkey, Garanti - CEO

MADRID, March 14 (Reuters) - Spain’s will continue to bet strongly on Turkey and on Garanti Bank, in which it has a stake, after turmoil in the country in recent months, BBVA Chief Executive Angel Cano said at the bank’s shareholder meeting on Friday.

BBVA, which makes most of its profit outside its home market, has a 25 percent holding in Garanti and an option to increase it further.

Cano said Garanti had performed well despite recent uncertainties in the country, which has been hit by political turmoil and where the currency has been volatile.

He added that turbulence in other emerging markets, where currencies have also been volatile, would not hurt their underlying strength. BBVA makes half its profit in South America.

“They (emerging economies) continue to show resilience and potential for future growth,” Cano said. (Reporting by Sarah White, Editing by Tracy Rucinski)

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