BBVA is reviewing its partnership with Eureko Sigorta.

BBVA Evaluating Partnership Options with Eureko

BBVA SA is reportedly seeking consulting services to explore options for its insurance partnership in Turkey with Eureko Sigorta A.Ş. before the expiration of the current agreement, according to Bloomberg sources.

Work on More Options Has Started

It is stated that BBVA is investigating various possibilities, including a new partnership alternative for its local unit Türkiye Garanti Bankası A.Ş.. Sources emphasize that the process is still in the early stages, noting that BBVA may decide to renew its current partnership. In this context, collaboration has been established with Alvarez & Marsal Inc. for consulting services.

Customer-Centric Approach and Strategic Planning

In a written statement from Garanti BBVA, it was said, “In line with our goal of providing the best insurance solutions to our customers, we closely monitor industry dynamics and develop strategic plans. Together with the right, specialized consulting firm, we are shaping our roadmap in the insurance sector. Similar planning processes have been conducted in the past, and these efforts are a natural part of our insurance strategy.”

Statement from Eureko Sigorta

Eureko Sigorta, which is part of the Dutch Achmea group, stated, “We are exclusively working with Garanti BBVA in the field of non-life insurance in Turkey. Our collaboration continues strongly within the framework of our contract.” BBVA and Alvarez & Marsal did not provide any comments regarding the matter.

Financial Information

As of September, BBVA controls approximately 86% of Garanti BBVA, which accounts for about 7% of the group's profit over the three quarters.