Unicredit informs that Yapi Kredi, its Turkish entity subject to joint control, has concluded an agreement with a group of asset management companies for the sale of a portfolio of non-performing loans for a total amount of 518 million Turkish lira, equal to approximately 132 million euros.
Yapi Kredi is 81.8% controlled by Koc Finansal Hizmetler AS, which in turn is 50% owned by the UniCredit Group and 50% by the Koç Group. The sale of the portfolio is part of Unicredit's current strategy to reduce non-performing exposures.
The disposal has no impact on the ratio between non-performing exposures/total gross loans, as Yapi Kredi is valued at equity.
The Unicredit share is currently losing 0,6% to Piazza Affari at 15,76 euros, against the -0,7% of the banking index, while the main Ftse Mib list scores -0,8% at 20.765 points.
