UNDERGOING DUE DILIGENCE is a tentative e2.05 billion deal that would transfer a 57.4% controlling interest in Turkish bank Yapi Kredi to Koc Financial Services, a joint venture between the Koc Group conglomerate and Italy’s UniCredito.
Although Yapi Kredi’s own asset base was sound, it narrowly avoided seizure by the state at the height of the 2001 banking crisis due to outstanding debts of its parent, Cukurova Group, to the group’s other bank, Pamukbank.
The smaller Pamukbank was taken over by the Savings Deposit Insurance Fund in 2002, setting the stage for complex negotiations involving virtually all the parent group’s diverse interests.
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