UniCredit’s Ghizzoni Says No Plan to Sell Turkey’s Yapi Kredi

UniCredit SpA (UCG), the Italian bank that shares ownership of Turkey’s Yapi & Kredi Bankasi AS (YKBNK) with Koc Holding AS (KCHOL), doesn’t intend to sell its stake or pull out of Turkey, Anatolia News Agency reported, citing Chief Executive Officer Federico Ghizzoni.

UniCredit plans to continue to invest in Turkey, Ghizzoni also told the state-run news service.

Decisions by Turkey’s central bank and government on managing growth are generally positive even though they may have a negative effect on banking profits in the short term, Ghizzoni also told the newspaper. He added that Yapi Kredi provides about 10 percent of UniCredit’s revenue, Anatolia reported.

To contact the reporter on this story: Benjamin Harvey in Istanbul at bharvey11@bloomberg.net

To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net

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