First Abu Dhabi Bank reportedly in discussions to acquire Yapi Kredi from Turkey’s Koc Group
Turkey’s Koc Group is reportedly in discussions that could potentially see its 61.2% stake in Istanbul-based full-service bank Yapi Kredi sold to First Abu Dhabi Bank (FAB).
FAB reportedly in talks to acquire Yapi Kredi
Reuters reported earlier this week that FAB is in advanced talks over the potential purchase of the stake at a valuation of around $8 billion, citing three unnamed sources with knowledge of the matter.
Koc Group has since responded to media speculation around the talks this week by stating that “as an investment holding company, we may engage in discussions with relevant parties in order to evaluate potential alternatives regarding our portfolio”.
The statement adds that “although preliminary discussions are ongoing regarding the subject matter of the news in the media, there is no development that requires us to make a public disclosure”.
Koc Group also adds that “the information regarding the transaction details mentioned in the news do not reflect the truth”, before encouraging “all parties not to give credit to any information other than those announced by our company”.
The group has maintained a stake in Yapi Kredi since 2005, with its initial 57% stake first being acquired through a joint venture with Italian bank Unicredit. Unicredit later exited the joint venture in November 2019, with Koc snapping up its remaining shares in the bank two years later.
As for its part in the potential deal, FAB has not responded to FinTech Futures‘ request for comment.
