Yapı ve Kredi Bankası has disclosed, through Turkey’s Public Disclosure Platform (KAP), that it has signed a share transfer agreement and a post-sale distribution agreement protocol regarding the sale of its shares in Yapı Kredi Portföy Yönetimi AŞ.
According to the disclosure, a share transfer agreement was signed under which the bank’s 12.65 percent stake in Yapı Kredi Portföy Yönetimi AŞ and its 87.32 percent stake in Yapı Kredi Yatırım Menkul Değerler AŞ, together with shares held by other shareholders, will be transferred to AZ International Holdings SA (AZ Holdings), part of Azimut Group. The total transaction value, subject to adjustments and corrections, was calculated at 16.392 billion lira. The disclosure noted that, following the transaction, the bank’s shareholding in Yapı Kredi Portföy Yönetimi AŞ will come to an end.
Yapı Kredi CEO Gökhan Erün said the agreement represents an important milestone in the bank’s strategic growth journey. “This collaboration, an important step in our bank’s leadership vision in asset management, will reinforce our pioneering position in the sector while creating unprecedented value for our customers. We will combine Yapı Kredi’s strong service model and distribution power with Azimut’s international investment expertise,” Erün said.
Azimut Holding CEO Giorgio Medda commented: “By joining forces with Yapı Kredi, one of the leading players in the Turkish banking sector and a partner that shares our commitment to driving growth through innovation, Azimut once again confirms its position as the asset management partner of choice for leading financial institutions.”
