BBVA SA is reviewing its insurance partnership in Turkey as its current agreement with Eureko Sigorta AS is set to expire, according to people familiar with the matter.
BBVA is considering various options including a new partnership for its local unit Turkiye Garanti Bankasi AS, the people said, asking not to be named discussing private information. The process is at an early stage and BBVA could also decide to renew the existing partnership, the people said. The Spanish bank has hired Alvarez & Marsal Inc. to advise it on the matter, they added.
“We are shaping our roadmap in the insurance sector in collaboration with a consulting firm specializing in this field,” said a representative for the Turkish subsidiary, known as Garanti BBVA. “These efforts are a natural and routine part of our insurance strategy. Our strong partnership with Eureko Insurance continues in the same manner.”
A spokesperson for Eureko, which is part of Dutch group Achmea, said its collaboration with BBVA Garanti “continues to be strong.” Representatives for BBVA and Alvarez & Marsal declined to comment.
BBVA controls around 86% of BBVA Garanti, a unit that accounted for around 7% of the group’s profit in the three quarters to September. Spain’s second-biggest lender is refocusing its strategy after its unsolicited takeover bid for Banco Sabadell SA failed earlier this year.
BBVA already has insurance collaborations with companies including Allianz SE, with which it agreed in 2020 to form a joint venture for non-life insurance in Spain.
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