Banco Bilbao Vizcaya Argentaria SA, Spain's second-biggest bank, has agreed to pay $5.8 billion for 24.9% of Turkiye Garanti Bankasi AS and may take full control in five years, expanding in Europe's fastest-growing economy.

BBVA is to buy 6.3% of the Turkish lender from Dogus Holding AS for $2.06 billion and 18.6% from General Electric Co. for $3.78 billion, the Bilbao, Spain, banking company said in a regulatory filing Tuesday. It said it plans to finance the deal with a rights offering.

The company is reducing its reliance on the Spanish market, which accounts for about half its profit, compared with 22% at its larger rival Banco Santander SA, as the economy struggles to emerge from the worst recession in 60 years.

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