UniCredit announces that yesterday the Shareholders Meetings of Kocbank A.S. ("Kocbank") - a 99.8% subsidiary of Koc Financial Services A.S., the 50/50 joint venture between UniCredit and Koc Group - and Yapi ve Kredi Bankasi A.S. ("Yapi Kredi") - a 67.3% subsidiary of Kocbank - approved the merger between Kocbank and Yapi Kredi. The merger is expected to become effective beginning of October, 2006 subject to the obtainment of the necessary local approvals and the registration with the Trade Registry.
The combined bank will operate under the name Yapi ve Kredi Bankası A.S. and will rank among the top four banking groups in Turkey with total assets of approximately €24 billion, representing a market share of approximately 10.4%.
The aim of the combined bank is to become the leading player in the Turkish market in terms of growth and value creation and to achieve a leadership position in the main business lines.
The combined bank will have a strong market coverage of 643 branches nationwide, with significant presence in the top 10 cities of Turkey.
The merger will result in a significant increase in scale as well as in strong distribution/production platforms: the approximately 13 million clients of the combined bank will benefit from new opportunities such as highly competitive products and banking services of international standards both at corporate and at retail level under the guidance of a strong local management team with a conservative risk profile approach.
With a market capitalization of approximately €66 billion, ranking among the top financial groups in Europe, UniCredit has a presence in 21 countries worldwide, with over 28 million clients and 7,000 branches, 134 thousand employees and total assets of approximately €804 billion as of 30 June 2006.
Enquiries:
Media Relations:
Tel. +39 02 88628236; e-mail: mediarelations@unicreditgroup.eu
Investor Relations:
Tel. + 39 02 88628715; e-mail: investorrelations@unicreditgroup.eu
Recomend this page
Thank you, we sent your recommendation to the desired recipient.
Sorry, this functionality is not available right now.
Please try with this link. Thank you.
