BBVA is now the leading shareholder in Garanti. After completing the transaction announced last November to acquire an additional 14.89% holding, the BBVA Group now owns to 39.90% of Garanti. Francisco González is in Istanbul due to the closing of the transaction and the appointment of the new Garanti CEO, Fuat Erbil.

His appointment, which was ratified by Garanti's board, confirms the continuity of the company's management and support for local talent. Until now Mr. Erbil was part of Garanti's management team. The new CEO is one of the seven directors to be appointed by BBVA in a board of ten members.

Dogus remains as a shareholder and a principal partner - as established in last November's agreement. Ergun Ã-zen, chief executive officer until now, will continue as board director. The change of chief executive officer will be effective from September.