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Corporate information 25 Apr 2022

BBVA increases the price of the takeover bid for its Turkish unit

BBVA-resultados-4T2021-vela-sostenibilidad

BBVA's Board of Directors has agreed to increase the price offered for each share of the 50.15 percent of Garanti BBVA, from the initially announced (12.20 Turkish lira) to 15 Turkish lira.

The maximum amount to be paid by BBVA will be 31,595 million Turkish lira (equivalent to approximately €1,985 million¹), assuming that all Garanti BBVA minority shareholders decide to sell their shares. The period to decide if they accept the voluntary takeover bid has been extended two weeks, until May 18, 2022. The price will not be modified during this period.

The financial impact of the transaction will depend on the percentage of Garanti BBVA shareholders who decide to accept the offer and sell their shares. BBVA estimates a maximum impact of approximately -34 basis points on its fully-loaded CET 1 capital ratio², assuming that all shareholders agree to take the offer.

1 The exchange rate used is 15.91 Turkish lira per euro, as of April 22, 2022
2 The calculation of the impact on the CET1 has been done taking into account the estimate of BBVA Group’s financial statements as of March 31, 2022, assuming an exchange rate of 15.91 Turkish lira per euro. The impact on the CET 1 will vary from now until the closing date of the voluntary takeover bid as a consequence, among other factors, of the evolution of Garanti BBVA’s book value and variations on the euro/Turkish lira exchange rate.