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Spanish bank BBVA is reevaluating its insurance partnership structure in Türkiye as its current agreement with Eureko Sigorta nears expiry, according to reports.
The bank is considering several options for its local subsidiary, Garanti Bankasi, in which it holds a majority stake, including entering a new partnership or renewing the existing arrangement, people familiar with the matter told Bloomberg.
The people noted that the process is still at an early stage and that BBVA could ultimately decide to keep its current setup with Eureko, while the bank has already appointed consulting firm Alvarez & Marsal Inc. to advise on the process.
An official from Garanti BBVA said the bank is working with a consulting firm that specializes in insurance to shape its roadmap in the sector, describing these efforts as a routine part of its broader insurance strategy, and added that its partnership with Eureko Insurance continues unchanged.
A spokesperson for Eureko, which operates under Dutch insurance group Achmea, also said the collaboration with Garanti BBVA continues to be strong, the report noted.
BBVA, which is Spain’s second-largest lender by assets, has been refocusing its overall strategy after an unsolicited takeover bid for Banco Sabadell SA earlier this year did not proceed. The examination of its insurance partnership in Türkiye takes place within that broader strategic adjustment, according to Bloomberg.
The partnership between Achmea and Garanti dates back to 2007, when Achmea reached an agreement with Garanti Bank to acquire 80% of its non-life insurance arm and 15% of its life and pension business, a stake purchased for €100 million. Achmea completed the share transfer process in May 2011 by buying the remaining 20% of Eureko Sigorta, becoming the company’s sole owner.
The lender first entered the Turkish market directly in 2010, when Spanish bank BBVA bought joint control of Garanti Bank in a $5.8 billion deal.
“BBVA’s renewed focus on the partnership comes as Türkiye’s insurance sector continues to expand, with KPMG’s ‘Insurance Sector Outlook 2025’ report showing that gross written premiums — the total value of insurance policies issued before deducting claims, commissions, and operating expenses — rose 73% in 2024 to ₺838.5 billion ($25.6 billion) and are projected to exceed ₺1.2 trillion this year.
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