Reuters
Spain's BBVA on Wednesday reiterated its long-term commitment towards Turkey and said lira depreciation had been taken into account while structuring its recent purchase offer for a stake in Garanti Bank. BBVA, which already owns part of Turkish lender Garanti, recently offered to buy the remaining stake in the lender in a deal worth up to 2.25 billion euros, taking advantage of a slide in the Turkish currency. The deal had been structured in lira, which has slid 23% against the euro since Nov. 15 when BBVA announced the deal.