Turkey-exposed European banks came under scrutiny once again on Tuesday as the lira slumped after President Tayyip Erdogan defended recent sharp interest rate cuts, in what analysts called a reckless and premature monetary easing.
Earlier this month BBVA offered to buy the rest of Garanti for up to 2.25 billion euros , taking advantage of a slide in the lira and raising fears in Turkey that foreigners might snap up assets at bargain prices.In the full year 2020, its Turkey net attributable profit reached 563 million euros, making it the bank's third largest market after Mexico and Spain. That represents 14.3% of BBVA profits excluding the corporate centre.
Jefferies has a cautious view on BBVA's Turkey performance. It estimates a compound annual growth rate in local currency of 13.5% in 2021-2024, versus the company's "high-teen" target. It sees an average cost of risk of around 200 basis points in the same period, above the management target of less than 150 bps.ING does wholesale and retail banking business in Turkey, where it operates through a wholly owned subsidiary.
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