ROME (Reuters) - UniCredit confirmed on Monday it was in talks with Koc Holding over their joint venture Koc Financial Services in Turkey.
On Friday Reuters reported that the lender had struck a deal to reduce its exposure to Yapi Kredi, a move seen as a first step towards the Italian bank’s full exit from recession-hit Turkey.
As part of the plan, UniCredit will sell its 50% stake in its joint venture Koc Financial Services - which controls Yapi Kredi - to partner Koc Holding, two of the sources said.
UniCredit has reached no final agreement with Koc Group and will update the market if or when appropriate, it said in a statement on Monday.
Reporting by Giulia Segreti; editing by Jason Neely