Bloomberg/Nicolo Filippo Rossoby Kudakwashe Muzoriwa
Italy’s UniCredit and Turkish-based Koc Holding have confirmed that they are in talks to change the ownership structure of Yapi Kredi Bank, which the two companies control via a joint venture called Koc Financial Services, however, the firms said that they have not yet reached a deal, reported Reuters.
UniCredit seeks to reduce its exposure to Turkey’s third-biggest bank, in a move seen as a step toward UniCredit’s exit from the country, which has been mired in recession. As part of the plan, UniCredit would sell its 50 per cent stake in its joint venture Koc Financial Services (KFS), which controls Yapi Kredi, to its partner Koc Holding.
Koc Holding stated that talks were ongoing with UniCredit on reorganising the shareholder structures of the joint venture and Yapi Kredi in such a manner to ensure that the parties shall not reach direct or indirect majority of Yapi Kredi.