BBVA : Spicy Turkey for Christmas but still refined recipes; Stable Credit opinion and Neutral recommendations maintained
BBVA held on Thursday 18 November an Investor Day, a few days after it had announced a takeover bid to acquire the minorities in its Turkish subsidiary Garanti BBVA (Garanti). While relevant from a strategic and capital allocation perspectives, the intended increase in the stake was unfortunate given current policy uncertainty in Turkey, particularly the lack of monetary policy credibility, which caused a sharp depreciation in TRY and investor concerns. We are conducting a review...Banco Bilbao Vizcaya Argentaria is an international financial group, engaged primarily on providing banking services and consumer finance to private individuals and businesses in Spain and Portugal; providing real estate activity in Spain; providing services to international companies and investment banking, capital markets and treasury management services to clients; and providing the banking, insurance and pension businesses in Mexico and the U.S., as well as in South America.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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