UniCredit has struck a deal to reduce its exposure to Turkey's Yapi Kredi ,...
), three sources told Reuters, a move seen as a first step toward the Italian bank’s full exit from the recession-hit country.
UniCredit kicked off talks with Koc Holding earlier this year aiming to dismantle the joint venture and lay the groundwork to fully cash out of Yapi Kredi, the sources said. The deal will give Koc Holding a majority stake in Yapi, Turkey’s third-biggest bank which has a market value of $3.7 billion, they said.
The Milan-based bank has been invested in Yapi Kredi since 2002 when it entered the joint venture with Koc Holding in what became the first foreign partnership in Turkey’s financial services industry.
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