UniCredit said that the sale had yielded around EUR 440 million/Bloomberg
by BloombergUniCredit, Italy’s biggest bank by assets, has announced the placement of a 12 per cent stake in Turkey’s Yapi ve Kredi Bankasi, a further step in the bank’s strategy to divest non-strategic businesses.
In a statement, UniCredit said that the transaction is part of the bank’s on-going strategy to simplify its shareholdings and to optimise its capital allocation.
Bloomberg reported that Koc Holding and UniCredit late last year unwound a joint venture that controlled an 80 per cent stake in Yapi ve Kredi Bankasi, with the Turkish conglomerate buying nine per cent of the bank from its partner.
The unwinding of the joint venture handed UniCredit a direct 31.9 per cent stake in Yapi Kredi which would fall to 20 per cent after the share placement.
Similarly, Koc Holding increased its ownership of Turkey’s fourth-largest listed bank by assets to 49.9 per cent under the November 2019 deal that ended a partnership with UniCredit.
UniCredit said that the sale had yielded around EUR 440 million. The Italian lender added that the transaction would generate a negative EUR 0.82 billion impact on Q1 2020 earnings partly due to the difference between the market value of the stake and its book value.
MOST READ
BUSINESS
Fed rate cuts add pressure on Saudi banksBUSINESS
ING Groep plans to sell its Turkish unitBUSINESS
Bahrain considers stake sell in oil assetsBUSINESS
SABB seeks to boost corporate lendingBUSINESS
Dubai’s W Motors seeks funds to go electricBUSINESS
HSBC considering exiting from TurkeyBUSINESS
Zimbabwe turns to UAE to sell a stake in...BUSINESS
ADIA plans to sell a $2 billion stake in...BUSINESS
Amanat considers stake in VPS HealthcareBUSINESS
ECI, HSBC partner to support UAE businessesBUSINESS
National Bank of Oman to exit from EgyptBUSINESS
Salt Bae backers seek a partner and a $1...BUSINESS
Oman plans to launch new regional airline
CPI Financial was established in Dubai in 1999 to meet the needs of an ever-expanding financial community, offering a comprehensive portfolio of market-leading products and services tailor-made for the banking and financial services sectors.
Loading More post
