UniCredit Group announces that Yapi Ve Kredi Bankasi AS ("Yapi Kredi"), its Istanbul-based jointly owned entity*, has reached an agreement (the "Transaction") with Güven Varlık Yönetim A.Ş. in relation to the disposal of a non-performing loan (NPL) portfolio composed of credit cards and individual loans amounting to TL 531 million (approx. € 140 million).
The sale is part of the overall UniCredit Group's on-going strategy to reduce non performing exposure ("NPE").
The Transaction will not impact UniCredit Group's NPE ratio, as Yapi Kredi is accounted for by the Equity Method.
Milan, March 2, 2017
*Note: Yapi Kredi is 81.8% owned by Koc Finansal Hizmetler AS, which is in turn 50% owned by UniCredit Group and 50% by Koç Group.
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