KFS, the joint venture between Italian bank Unicredit and Turkish Koc Holding company, has bought a 57% stake in Yapi ve Kredi Bankasi (YKB), the fifth-largest Turkish bank by assets, for €1.16 billion. The deal values YKB at €2 billion. YKB’s stock fell around 5% on May 8, the day the deal was announced.
KFS bought the bank from the Cukurova holding group. Cukurova says it will use the proceeds of the sale to pay off early part of its €2 billion debt to YKB.
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