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Spain's BBVA ups stake in Turkey's Garanti to just under 50 percent

Reuters

MADRID (Reuters) - Spain's second-biggest lender BBVA (BBVA.MC) said on Tuesday it had agreed to buy an extra 9.95 percent of Turkey's Garanti Bank (GARAN.IS) from Dogus Holding for 859 million euros ($905 million), bringing its stake to just under 50 percent.

BBVA said in a statement to Spain's stock market regulator that the deal, which needs approval from Dogus's shareholders, was expected to take effect in the first half of 2017. Dogus's stake in Garanti would be cut to just 0.05 percent.

The Spanish bank added that the acquisition would hit its core capital ratio under the strictest 'fully-loaded' criteria by around 19 basis points. ($1 = 0.9489 euros)

(Reporting by Sarah White; Editing by Angus Berwick)