There is just not Unicredit, among Italian companies, to be afraid of the crisis of the Turkish lira, which on Friday it collapsed losing up to 20% of its value in a single day and plummeting to an all-time low against the dollar. A thud that worried the markets a lot, starting right from the bank in Piazza Gae Aulenti, which in the last session of the week, a few days after having published some very positive half-yearly accounts, with profits over 2 billion euros, lost almost 5%. It is no mystery that Unicredit is quite exposed in Türkiye: in his orbit is Yapi Kredi, the fourth largest Turkish bank, which he controls together with the Koc family (the Lambs of the Bosphorus). Even if this bank were to disappear completely, a very unlikely hypothesis in any case, the damage to the Italian institute would be limited after all: no more than 40 basis points on common equity tier 1, more or less what the increase is costing the bank of the spread between Btp and Bund in recent months, due to political uncertainty. A damage, net of taxes, which Unicredit itself has quantified at just under 100 million euros.
However, Unicredit is not the only large company exhibited in and around Istanbul. All Italian banks are exposed to almost 15 billion euros (16,9 billion dollars) towards Turkey, and they rise to 16 if guarantees are included. This is what emerges from the data of the Bank for International Settlements, which acts as the "central bank of central banks". However, the credit institutions of our country come after Spain (71 billion euros), France (33 billion), Great Britain (16,5 billion) and the United States (15,6) in addition to Germany (14,8, XNUMX billion). In total, the exposure of international banks to Turkey is equal to 264,9 billion dollars. Then there are the big companies, from FCA to Leonardo, from Pirelli to Salini Impregilo: Turkey has been an important market for Italian companies for years, with total trade close to 20 billion euros. Sace, the insurance company for exporters, defines it as a "priority market" for Italian exports: in 2017 Turkey was our fifth trading partner (+11,1% compared to 2016): 11,3 billion dollars in exports and $8,5 billion in imports and a market share of 5,1%.
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FCA, for example, has been present for decades with the Bursa-Tofas plant (Istanbul), with tens of thousands of vehicles produced. Pirelli has also been in Turkey for fifty years, which has concentrated production in the Izmit plant, 100 kilometers from Istanbul, costing 170 million euros of investments in recent years, the production of two million industrial tires a year destined for markets of Europe, the Middle East and Africa. Cementir has invested more than 2001 million dollars in Turkey since 530 by acquiring Cimentas and Cimbeton. Also Leonardo, through Alenia Aermacchi, is in some way affected by the Turkish crisis as it contributes to the production of the F-35 (which sees 30 orders from Turkey with an option for another 70 aircraft) and participates in an important order, 30 helicopters from Turkish Aerospace to Pakistan. There are many Italian projects in Turkey, starting from the infrastructure-construction-logistics sector: such as those of Salini Impregilo in the construction of two motorways, the Kinali-Sakarya and the Tarsus-Adana-Gaziantep, in a hydroelectric plant, in the high-speed line which connects Ankara to Istanbul, in water purification in Istanbul.
