UniCredit Bank has announced it would be selling its remaining stakes in Turkey's third-biggest lender, Yapı Kredi. The 20% stake of UniCredit will be sold in two parts, 18% to Yapı Kredi Bank and 2% to the market.
The 18% stake costs about 300 million Euro and Koç Holding, the main stakeholder of the bank, will buy those stakes by the end of March 2022.
UniCredit and Koç Holding agreed to end their joint venture in 2019. They normally controlled 82% of Yapı Kredi. UniCredit had 31.9% stake in Yapı Kredi. But UniCredit sold 12% of its stake in February 2020.
"The deal is coherent with the group's strategy of exiting areas with low capital returns, high earnings volatility, and no active control," according to Bank of America analyst Alberto Cordara, which is a "buy" rating on t...
