30.11.2019

Koç Group And Unicredit Have Restructured Their Partnership In Yapi Kredi

4 min

A new era begins at Turkey’s third largest private bank, Yapı Kredi. Today, UniCredit and Koç Group have signed a set of transaction documents including agreements related to share transfers of Yapı Kredi and Koç Financial Services and the termination of the shareholders agreement.
As part of the transaction, upon completion, the partnership carried on between Koç Group and UniCredit, will be terminated and Yapı Kredi’s shareholders structure will be reorganized. Koç Group will acquire all stocks of Koç Financial Services, a 50% - 50% joint venture between Koç Group and UniCredit. While, currently Koç Financial Services holds 81,9 percent of Yapı Kredi shares, at the closing of transaction; Koç Group will hold 9,04 percent direct and 40,95 percent indirect stake in Yapı Kredi via Koç Financial Services. UniCredit will have 31,93 percent of Yapı Kredi. The remaining 18,08 percent share of Yapı Kredi will continue to be publicly traded on Borsa İstanbul. The completion of transaction is expected to take place in the first half of 2020, after regulatory approvals.
Ali Y. Koç: “Yapı Kredi will continue to grow stronger in the next period.”
Koç Holding Vice Chairman and Yapı Kredi Chairman Ali Y. Koç said: “Our country’s third largest private bank, Yapı Kredi continues to expand its potential thanks to a solid balance sheet, an innovative and unlimited service approach, and a powerful brand. Our partnership with UniCredit, starting in 2002 with KoçBank and moving to Yapı Kredi in 2005, has made great contributions to our Bank’s growth. UniCredit has been carrying out a strategy of simplifying Group structure and optimizing its capital allocation, for a while. As Koç Group, we expect to grow our banking business during this period. In accordance with the strategic business plans of both parties, we have decided to restructure our partnership. I would like to thank UniCredit for 17 years of long amicable collaboration. As a great demonstration of our trust in our countries economy and banking industry, Koç Group will become the largest shareholder in Yapı Kredi. We are witnessing the start of a new era for Yapı Kredi. Our bank will grow and become even stronger. As we march firmly towards our goals, we will continue to expand our contributions to our country’s economy and our investments.”

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