November 25, 2019 / 10:14 AM / 19 days ago

UniCredit confirms talks with Koc over Turkey JV

FILE PHOTO: Yapi Kredi Bank headquarters is pictured in Istanbul, Turkey February 3, 2016. REUTERS/Murad Sezer/File Photo

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

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