Latest news with #OnurGenc
Reuters
14-05-2025
- Business
- Reuters
Lifting Syria sanctions will benefit Turkish firms and banks, says BBVA CEO
LONDON, May 14 (Reuters) - Turkish companies and banks will benefit from a lifting of U.S. sanctions on Syria, Onur Genc, chief executive officer of BBVA said on Wednesday. In a major U.S. policy shift, U.S. President Donald Trump said on Tuesday that he would order the lifting of sanctions on Syria, and met with Syria's Islamist President Ahmed al-Sharaa on Wednesday. Turkey is expected to play a major role in the reconstruction of Syria as the country emerges from more than a decade of civil war. "For Turkey, it's going to be positive because there's a lot of reconstruction needed in Syria. Who's there to do that? The Turkish companies," Genc said, whose group comprises Garanti BBVA, the second-largest private bank in Turkey.
Reuters
18-03-2025
- Business
- Reuters
BBVA confident on antitrust approval for Sabadell bid, optimistic on Turkey
The logo of Spanish bank BBVA is seen on one of its branches in Malaga, Spain, October 27, 2022. REUTERS/Jon Nazca/File Photo Purchase Licensing Rights, opens new tab MADRID, March 18 (Reuters) - Spain's BBVA ( opens new tab remained confident that its hostile takeover bid for smaller rival Sabadell ( opens new tab will be approved by competition authorities within the next few weeks, its chief executive officer Onur Genc said on Wednesday. In November, opens new tab, the antitrust watchdog said that BBVA's all-share offer for Sabadell, valued in April at more than 12 billion euros ($12.64 billion), must undergo a longer phase 2 review that could extend the process well into 2025 in a deal opposed by the government. Get a look at the day ahead in U.S. and global markets with the Morning Bid U.S. newsletter. Sign up here. "Our conviction is that the competition authority will give the green light to the process in the next few weeks ... we're very close to the end of that process," Genc said, underlining that the lender had submitted a unprecedented list of remedies to get the deal done. Spain's market supervisor CNMV, which also needs to approve the deal, has said it would wait for the government before deciding on the potential authorisation of the takeover prospectus. One of the reasons to buy Sabadell is to reduce BBVA's exposure to emerging markets such as Mexico and Turkey, where the CEO said it expected the bank to book a net profit of 2.5 billion to 3 billion euros ($2.73 billion) in the next two to three years if inflation continued to come down. ($1 = 0.9165 euros) Reporting by Jesús Aguado; Additional reporting by Emma Pinedo; Editing by Inti Landauro and David Latona Our Standards: The Thomson Reuters Trust Principles., opens new tab
Bloomberg
18-03-2025
- Business
- Bloomberg
BBVA CEO Expects Sabadell Bid to Go to Investors Before July
BBVA SA Chief Executive Officer Onur Genc said that Banco Sabadell SA shareholders will likely get to decide on his lender's unsolicited bid for the rival before the end of June. The so-called acceptance period will probably kick off 'in the last piece of the second quarter,' Genc said Tuesday on Bloomberg TV. He added that 'we are in the last inches' to get approval for the offer from the Spanish competition authority.
