Turkey's economy is "faltering" and the banking sector is on the line of crisis[/rtl]
[rtl]Date of edit:: 2019/8/29 8:29 • 71 times read[/rtl]
The crisis in the Turkish economy is casting a severe shadow over the various vital sectors in the country, the latest of which is the banking sector, with markets awaiting the withdrawal of a number of European banks from the country, most recently the Italian bank UniCredit.
UniCredit is in talks to directly control its stake in Turkey's YapiCredit, paving the way for the sale or reduction of the stake, Bloomberg quoted informed sources as saying.
The Italian bank and its Turkish partner Cook Holding are in discussions over the restructuring of their financial services firm Cook Financial Services, which owns about 82 percent of Yapi Credit.
UniCredit is seeking to exit the project and directly control its 41 percent stake in YapiCredit, Bloomberg said, citing sources.
UniCredit and Cook Holding are seeking to finalize the deal by the end of this year, allowing the Italian bank to determine the fate of its stake in YapiCredit, the sources said.
According to Bloomberg, UniCredit could put its stake in YapiCredit for sale in a secondary public offering.
"Holding the stake directly will give UniCredit strategic flexibility and facilitate the withdrawal of its investments from Turkey," said Hugo Kurtz, an economic analyst at financial consultancy Kivi Beauty and Woods. UniCredit