Italy's UniCredit said on Saturday it had reached a deal with Turkey's...
FILE PHOTO: Yapi Kredi Bank headquarters is pictured in Istanbul, Turkey February 3, 2016. REUTERS/Murad Sezer/File PhotoUnder the deal Koc Holding will buy UniCredit’s 50% stake in Koc Financial Services , the joint venture which controls Yapi Kredi, to become the JV’s sole owner.KFS currently owns almost 82% of Yapi Kredi.
Sources told Reuters earlier this month UniCredit had struck a deal to reduce its exposure to the Turkish bank, in a move seen as a step to its exit from the country, which has been mired in recession. UniCredit, which will book charges of around 1 billion euros , said the overall impact of the deal for the bank would be virtually nil in terms of cash.
It said it expected its group CET 1 ratio - an indicator of financial health - to be lifted by an overall mid-single-digit basis point.The deal is the latest move in a string of disposals that UniCredit’s boss Jean-Pierre Mustier has embarked upon since taking the helm of Italy’s biggest bank by assets in 2016.Reporting by Stephen Jewkes; Editing by Toby Chopra
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