Unicredit: sells the entire Turkish YapÕ stake to Koc


MILAN, 09 NOV – Unicredit sells its entire stake in YapÕ to Koc Holding. We read it in a note. Consequently, Koc will purchase Yapi shares equal to 18% of the share capital, for a total consideration of approximately 300 million euros at current exchange rates, while the remaining 2% is expected to be sold on the market. Completion of the sale to Koc is subject to obtaining all necessary regulatory approvals in the jurisdictions concerned and is expected in the first quarter of 2022. The sale of the entire stake in Yapi is expected, based on data as of September 30th 2021, will have an overall moderate positive impact on UniCredit’s consolidated Cet1 ratio.For the year 2021, also assuming other conditions, the transaction will generate a negative impact on the consolidated income statement of approximately 1.6 billion euros third quarter 2021), deriving mainly from the exchange rate fluctuation reserve relating to the investment in Yapi, which does not generate any impact on Cet1 as it is already currently recognized. (HANDLE).
(HANDLE)




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