Banco Bilbao Vizcaya Argentaria, S.a. · BME:BBVA
Banco Bilbao Vizcaya Argentaria — Merger or Acquisition (November 2021)
11 slides from Banco Bilbao Vizcaya Argentaria's merger presentation, Nov 15, 2021
Slide 1: Voluntary Takeover Bid to acquire Garanti BBVA's minorities
Voluntary Takeover Bid to acquire Garanti BBVA’s minorities November 15th, 2021
Slide 2: Disclaimer
2 Disclaimer This document is only provided for information purposes and does not constitute, nor should it be interpreted as, an offer to sell or exchange or acquire, or an invitation for offers to buy securities issued by any of the aforementioned companies. Any decision to buy or invest in securi
Slide 3: Voluntary Cash Takeover Bid to acquire Garanti BBVA minorities
3 Voluntary Cash Takeover Bid to acquire Garanti BBVA minorities Voluntary Takeover Bid (VTB) TRANSACTION TERMS AND SUMMARY OF IMPACTS for up to 50.15% of Garanti BBVA shares currently not PRICE PER SHARE (TRY)1 12.20 owned by BBVA P/ E ’22e 3.6x VTB to begin after regulatory approvals have been obt
Slide 4: The transaction creates significant value for BBVA shareholders
4 The transaction creates significant value for BBVA shareholders VALUE UNLOCKED DUE TO INEFFICIENT SIGNIFICANT EPS AND TBV/ SHARE ACCRETION TREATMENT OF MINORITIES ON CET1 PURCHASE PRICE VS. CET1 IMPACT IMPACTS (BILLION EUROS; CONSIDERING THE (CONSIDERING THE MAXIMUM 50.15% TAKE-UP) MAXIMUM 50.15%
Slide 5: Turkey: a country with strong fundamentals and long-term potential despite short-term volatility
5 Turkey: a country with strong fundamentals and long-term potential despite short-term volatility HIGH POTENTIAL ECONOMIC GROWTH OUTSTANDING DEMOGRAPHICS GDP GROWTH MEDIAN AGE (PERCENTAGE) (2020) 2015-2021 CAGR Potential GDP growth 43 4.5 32 3.5 1.8 1.6 TURKEY EU-15 TURKEY EU-15 TURKEY EU-15 MANUFA
Slide 6: Garanti BBVA: the best bank in Turkey
6 Garanti BBVA: the best bank in Turkey LEADING MARKET SHARES THE MOST PROFITABLE BANK DIGITAL EDGE AND THE BEST CUSTOMER EXPERIENCE LOANS AND DEPOSITS MARKET PRE-PROVISION PROFIT/ AVG. SHARES, PRIVATE BANKS INTEREST EARNING ASSETS Mobile customers’ (SEPTEMBER 2021) (PERCENTAGE, 9M 2021) 78% penetra
Slide 7: Business model resilience even in a complex environment
7 Business model resilience even in a complex environment HIGH PRE-PROVISION PROFIT GENERATION CAPACITY SOUND RISK AND CAPITAL MANAGEMENT PRE-PROVISION PROFIT NPL RATIO1 COVERAGE RATIO1,2 (MILLION, CURRENT EUROS AND AS A % OVER RWAs) (PERCENTAGE, 9M 2021) (PERCENTAGE, SEP 2021) 4.7% 4.8% 5.2 77 69 4
Slide 8: Turkey's NAP contribution to BBVA increases from 14% to up to 25% with no impact on consolidated RWAs
8 Turkey’s NAP contribution to BBVA increases from 14% to up to 25% with no impact on consolidated RWAs RWAs NET ATTRIBUTABLE PROFIT (PERCENTAGE; SEP 2021) (PERCENTAGE; 9M2021) 9.3 4.9 8.1 SPAIN 29.4 13.9 37.1 MEXICO PRE-VTB 14.0 TURKEY SOUTH AMERICA 18.8 REST 20.8 43.5 9.3 4.3 7.1 25.8 13.9 37.1 PO
Slide 9: Attractive price for minority shareholders
9 Attractive price for minority shareholders Premium GARANTI BBVA PRICE EVOLUTION1 VWAP2 6M 34% (TURKISH LIRAS PER SHARE) VWAP2 1M 24% Last Closing (11/12/21) 15% 14 OFFERED CASH PRICE TRY 12.20 12 10 8 6 4 2 - nov.-10 nov.-11 nov.-12 nov.-13 nov.-14 nov.-15 nov.-16 nov.-17 nov.-18 nov.-19 nov.-20 n
Slide 10: Takeaways
10 Takeaways The transaction creates significant value for our shareholders, eliminates capital inefficiencies and it is aligned with BBVA’s strategy to grow in core markets Turkey is a country with strong fundamentals and long-term potential, despite short-term volatility Garanti BBVA is the best b
Slide 11: Voluntary Takeover Bid to acquire Garanti BBVA's minorities
Voluntary Takeover Bid to acquire Garanti BBVA’s minorities November 15th, 2021
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