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Spain's BBVA says to raise around EU2 Bln in capital hike

Source: Reuters - Wed 19th Nov 2014
Spain's BBVA says to raise around EU2 Bln in capital hike

Spain's BBVA said in a presentation it expects to raise about EU2 Bln in a capital hike linked to its acquisition of a 15% stake in Turkish lender Garanti from Dogus Holding.

Books for the capital raising announced on Wednesday, which is being done through an accelerated bookbuilding offer, have already been covered, a source familiar with the operation said separately.

The purchase of the additional Garanti stake will raise BBVA's holding in the Turkish bank to 39.9%, and the deal should add about EU250 Mln to annual net profit by 2016, BBVA said in the presentation filed with the stock exchange regulator.

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