Erdogan says BBVA offer to buy Garanti shows confidence in Turkish economy

FILE PHOTO: Garanti Bank headquarters is pictured in Istanbul, Turkey February 11, 2016. REUTERS/Murad Sezer

ISTANBUL (Reuters) – The offer by Spanish lender BBVA to buy the rest of Turkey’s Garanti Bank shows the confidence in Turkey’s economy, President Tayyip Erdogan said on Wednesday.

Erdogan was speaking in a news conference alongside Spanish Prime Minister Pedro Sanchez.

“The statements made by the Spanish bank BBVA are a concrete sign of the trust in Turkey,” Erdogan said.

BBVA offered on Monday to buy the rest of Garanti for up to 2.25 billion euros ($2.6 billion), taking advantage of a slide in the lira and raising fears in Turkey that foreigners might snap up assets at bargain prices.

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