BBVA is taking a close look at its insurance partnership in Turkey as the current deal with Eureko Sigorta AS comes to an end. The Spanish bank is exploring different options for its local unit, Turkiye Garanti Bankasi AS, including possibly teaming up with a new partner. However, BBVA hasn’t ruled out sticking with the existing agreement.
People familiar with the situation say the review is still in its early days. To help with the process, BBVA has brought in Alvarez & Marsal Inc., a consulting firm that specializes in these matters.
A spokesperson for Garanti BBVA said they are working on their insurance plans with the help of a consulting firm and that their partnership with Eureko Insurance remains strong. Eureko, which is part of the Dutch group Achmea, confirmed their collaboration with BBVA Garanti continues positively.
BBVA holds about 86% of Garanti BBVA, which contributed roughly 7% to the group’s profit in the first nine months of this year. The bank is reshaping its strategy after failing to acquire Banco Sabadell earlier in 2026.
In other markets, BBVA already works with companies like Allianz SE. Back in 2020, they joined forces with Allianz to create a joint venture for non-life insurance in Spain.
As BBVA considers its path forward in Turkey, the coming months will show whether it renews ties with Eureko or chooses a new direction for its insurance business there.