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Kocbank completes the acquisition of 57.4% of Yapi Kredi

Koçbank, 99.9 % owned by Koç Financial Services A.S. ("KFS"), the financial joint venture between UniCredit and Koç Group, reinforces its position in the Turkish Banking market through the acquisition of 57.4% of the shares of Yapı ve Kredi Bankası A.S ("YKB") held by the Çukurova Group ("Çukurova") and Saving Deposit Insurance Fund ("SDIF").

On 9 May 2005, KFS and Çukurova had announced that they entered into a definitive agreement for the acquisition by KFS of 57.4% of the shares of YKB held by Çukurova and SDIF. Today, having obtained all Turkish regulatory approvals, and following satisfaction or waiver of all the applicable conditions precedent, including the waiver of the condition related to the approval of the new pension funds law, Koçbank announces that it has completed the acquisition of a 57.4% shareholding in YKB from Çukurova and SDIF, for a price consideration of €1,182 million (corresponding to €2,059 million for 100%).

Following completion of the transaction and subject to the approval of the tender offer price by the Capital Markets Board ("CMB"), Koçbank intends to launch a mandatory tender offer for the remaining shares of YKB. In addition, following the approval by the CMB, Koçbank is expected to launch mandatory tender offers for Yapı Kredi Sigorta A.Ş., Yapı Kredi Finansal Kiralama A.O., Yapı Kredi Yatırım Ortaklığı A.Ş. and Yapı Kredi Koray Gayrimenkul Yatırım Ortaklığı A.Ş., the public subsidiaries of YKB.

The transaction is the result of UniCredit and Koç Group's strategic focus on growing in the financial services sector in Turkey. Both UniCredit and Koç Group share a strong enthusiasm for the growth prospects of the Turkish economy as well as the Turkish financial services market. The combined group's financial services network, through its 7 million customers and over 575 branches across the country, will constitute a premier franchise in retail and corporate banking offering a broad range of financial service products including asset management, leasing, insurance and brokerage.

Koçbank was advised by Goldman Sachs International, Allen & Overy and Paksoy & Co.

Istanbul, 28 September 2005


Contacts:
Media Relations:
Tel. +39/02/88623030; mail: Uci.Ufficiostampa@unicredit.it
Investor Relations:
Tel. +39/02/88628715; mail: UCI-InvestorRelations@unicredit.it