Skip to content
Subscriber Only
Markets
Deals

UniCredit to Explore Turkey’s Yapi Kredi Stake to Free Up Shares

  • Italian bank examining how to convert holding to direct stake
  • UniCredit and Koc Group own 82% of Yapi Kredi in joint venture
Pedestrians pass a line of automated teller machines outside a Yapi Kredi bank branch in Istanbul.

Pedestrians pass a line of automated teller machines outside a Yapi Kredi bank branch in Istanbul.

Photographer: Nicole Tung/Bloomberg
Updated on

UniCredit SpA is in talks about taking direct control of its holding in Turkish lender Yapi Kredi, paving the way for a potential sale or reduction of its stake, people with knowledge of the matter said.

The Italian bank and Turkish partner Koc Holding are in discussions about reorganizing their Koc Financial Services joint venture which owns almost 82% in Yapi Kredi, two people said, asking not to be identified as the talks are private. UniCredit is interested in exiting the venture and taking direct control of its 41% stake, the people said, with one person adding that the Italian bank is considering a structure that would help free up capital.