UniCredit to Sell About 12% in Turkish Bank Yapi Kredi
05 Febrero 2020 - 11:59AM
Noticias Dow Jones
By Cristina Roca
UniCredit SpA (UCG.MI) said Wednesday that it will place a part
of its stake in Turkey's Yapi ve Kredi Bankasi AS (YKBNK.IS) after
becoming a direct shareholder in the bank following the completion
of a deal aimed at simplifying its structure.
The Italian bank said it has launched a placement for shares
representing around 12% of Yapi Kredi's capital via accelerated
bookbuilding.
The move follows Wednesday's closing of a deal through which
Italy's largest bank simultaneously became a direct shareholder in
Yapi Kredi, in which it previously held shares via a joint venture,
and cut its stake in it down to 31.9%.
The Istanbul-listed lender has a market value of 25.6 billion
Turkish lira ($4.28 billion).
Unicredit's move to further reduce its shareholding in Yapi
Kredi is part of the bank's continued strategy to optimize its
capital allocation, the company said.
Analysts believe UniCredit is preparing to potentially exit
Turkey altogether.
Write to Cristina Roca at cristina.roca@dowjones.com;
@_cristinaroca
(END) Dow Jones Newswires
February 05, 2020 12:44 ET (17:44 GMT)
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