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UniCredit completes sale of Turkey’s Yapi Kredi -Breaking

by Mike Robinson

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© Reuters. Pictured behind traffic lights in a Bank Austria branch, Vienna, Austria on February 2, 2016, is the Unicredit logo. REUTERS/Heinz-Peter Bader

MILAN, Reuters – UniCredit announced Friday that it has sold 18% of its stake in Turkey’s Yapi Kredi Bank and transferred the remaining 18% to Istanbul’s Koc Holding. It is Italy’s second-largest lender.

This transaction was made public in November and allows UniCredit, Turkey’s third largest lender to the bank, to end its relationship with it. The financial terms were not disclosed.

UniCredit stated that closing the transaction would increase UniCredit’s CET1 ratio by mid-to high single-digit percentage points during the second quarter in 2022.

UniCredit stated in November it expects its highest-quality capital to see a low- to mid-single-digit increase. It also said that the company would be receiving 300 million euros (332 million dollars) as a result of the sale.

Koc Holdings, UniCredit and UniCredit announced in 2019 that they would end the joint venture by which they controlled Yapi together with a close 82% stake.

UniCredit gained a direct 31.9% share, while 12% of the remaining shares were sold in February 2020.

($1 = 0.9036 euros)

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