Bloomberg/Geraldine Hope Ghelli
UniCredit is planning to sell a direct stake of less than 10 per cent in Yapi ve Kredi Bankasi after unwinding its joint venture in the Turkish lender with local industrial group Koc Holding, reported Bloomberg.
UniCredit and Koc have agreed to dissolve the special purpose vehicle (SPV) that controls their shares so that each party ends up with a direct 41 per cent holding in the lender and the Italian-based lender plans to eventually sell the remainder of its holdings in Yapi Kredi over time.
The move will UniCredit to reduce its risk-weighted assets and improve its common equity Tier 1 capital ratio once its shareholding has been reduced. UniCredit could also sell the stake to a third party or offload it through a book building process if Koc decides not to buy it.
In a separate statement Koc said that it will not seek to gain a majority of Yapi Kredi.