ROME (dpa-AFX) - Italian lender UniCredit (UCG, UNCFF.PK) said it will cut its stake in Turkey's Yapi Kredi Bank to below 32 percent.
Koç Group will acquire UniCredit's entire 50 percent shareholding in Koç Finansal Hizmetleri or KFS, thereby becoming the sole owner of KFS. KFS will simultaneously sell 31.93 percent and 9.02 percent stakes in Yapi Kredi Bank to UniCredit and Koç Holding, respectively.
As a result, at closing, UniCredit will own a direct 31.93 percent stake in Yapi Kredi Bank.
Koç Holding and its related shareholders will cumulatively hold direct and indirect stakes in Yapi Kredi Bank of 49.99 percent. The remaining about 18 percent shares of YKB will continue being traded on Istanbul Stock Exchange.
The completion of the transaction is expected take place in the first half of 2020.
Copyright RTT News/dpa-AFX
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