Reuters reports that United Arab Emirates (UAE)-based First Abdhani Bank (FAB) is in talks to buy a 61.2% stake in Koç Holding’s Yab Kredi for $8 billion. It is reported to be in an advanced stage.
The final details of a potential agreement with Turkey’s fourth-largest private bank were finalized after months of negotiations, said the people, who did not want to be named because the negotiations were held in secret.
Kochi Holding asked for about $8.5 billion for Yap Kredi’s stake, and FAB offered about $7.5 billion, one of the people said.
Kochi Holding and United Arab Emirates-based First Abu Dhabi Bank did not respond to questions from Reuters.
Statement from Kochi Holdings
Kochi Holding has issued a statement regarding the alleged sale of 61.2% of Yapi Credit’s shares for $8 billion. A statement to KAP said preliminary negotiations regarding the sale of the shares were continuing.
Here’s the explanation:
“The news has been reported that negotiations for the sale of the shares of our subsidiary Yapi ve Credit Bankas A.Ş (YKB) have reached the final stage. As it is known, as a holding company, our company Negotiations can be held with interested parties to assess possible alternatives for the portfolio of Capital Markets Committee II, although preliminary discussions of a similar nature continue regarding issues reflected in the media. -15.1 There have been no developments requiring disclosure within the scope of the Special Circumstances Communiqué. “This statement was made in response to questions from investors.”
Koci Holding, which has long run Yapi Credit in an equal partnership with Italy’s UniCredit, has been the bank’s controlling shareholder since 2020. UniCredit sold part of its stock to Kochi Holding and part to an international institutional investor, and withdrew from YapiCredit. Koç Group currently holds 61.17 percent of Yapı Kredi’s shares. The remaining shares are publicly traded.
Source: Reuters
