UniCredit in Talks About Future of Turkish Joint Venture

   By Max Bernhard

UniCredit SpA (UCG.MI) said Monday that it is in talks with Turkish industrial conglomerate KOC Holding AS (KCHOL.IS) about the future of its joint venture in the country.

The statement comes in response to media reports that the Italian bank is seeking to reduce its exposure to Turkey's Yapi ve Kredi Bankasi AS (YKBNK.IS). Yapi Kredi's main shareholder is Koc Financial Services, a 50-50 joint venture between the Koc Group and UniCredit.

UniCredit plans to sell its stake in Koc Financial Services to KOC Holding, Reuters reported, citing unnamed sources.

"Further to media speculation relating to a potential transaction concerning Koc Financial Services and Yapi ve Kredi Bankasi AS, UniCredit would like to clarify that, in the context of the new strategic plan, it is in discussions with its partner Koc Group about a potential evolution of the current joint venture in Turkey," UniCredit said in its statement.

UniCredit said that no final agreement has been reached and that it would update the market "if or when appropriate."

Write to Max Bernhard at max.bernhard@dowjones.com; @mxbernhard

(END) Dow Jones Newswires

November 25, 2019 02:39 ET (07:39 GMT)

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