BBVA has said its move to purchase a 14.9% stake in Garanti Bank will likely hit 3Q results by €1.8bn (1.5bn), a larger sum that initially expected due to the depreciating lira currency; this is up from a previous forecast of a negative impact of €$2 billion. The bank has also now said that the transaction will cut its Tier1 capital ratio by around 50 basis points, compared with the 48 points it originally predicted.
BBVA has said its move to purchase a 14.9% stake in Garanti Bank will likely hit 3Q results by €1.8bn ($2 billion), a larger sum that initially expected due to the depreciating lira currency; this is up from a previous forecast of a negative impact of €1.5bn. The bank has also now said that the transaction will cut its Tier1 capital ratio by around 50 basis points, compared with the 48 points it originally predicted.