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    UCG   IT0005239360

UNICREDIT S.P.A.

(UCG)
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UniCredit sells remaining stake in Turkey's Yapi Kredi

11/09/2021 | 05:32am EST
FILE PHOTO: The UniCredit bank logo in the old city centre of Siena, Italy

(Reuters) - Italy's UniCredit will sell its remaining 20% stake in Yapi Kredi Bank by the end of March 2022, completing its exit from Turkey's third biggest lender which it first started two years ago.

Under the terms of the deal, Turkey's Koc Holding will buy an 18% stake in Yapi Kredi for 300 million euros ($347 million), Italy's second-biggest bank said in a statement late on Monday. The remaining 2% will be sold on the market.

The transaction will have a low-mid single digit positive impact on UniCredit's best quality capital, a key measure of financial strength, it said.

At the same time, the bank will book a non-cash hit of 1.6 billion euros to its fourth-quarter earnings due to currency reserves linked to the stake.

The accounting charge has no impact on UniCredit's capital and it does not affect its underlying net profit, a measure of profit stripped of one-off items which the bank uses for its capital distribution policy.

"The deal is coherent with the group's strategy of exiting areas with low capital returns, high earnings volatility and no active control," BofA analyst Alberto Cordara said in a note confirming a "buy" rating on the stock.

Shares in UniCredit rose 1.4% by 1007 GMT against a flat sector.

The share sale is slated for the first quarter of 2022.

Koc Holding and UniCredit agreed in 2019 to unwind the joint venture through which they jointly controlled Yapi with a near 82% overall stake.

The move handed UniCredit a direct 31.9% stake, of which 12% was sold in February 2020.

($1 = 0.8655 euros)

(Reporting by Jahnavi Nidumolu and Aishwarya Nair in Bengaluru, Valentina Za in Milan; Editing by Rashmi Aich and Jan Harvey)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
KOÇ HOLDING A.S. -5.00% 31.54 End-of-day quote.11.13%
UNICREDIT S.P.A. -1.24% 13.534 Delayed Quote.1.18%
YAPI VE KREDI BANKASI A.S. -5.46% 3.81 End-of-day quote.12.72%
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Analyst Recommendations on UNICREDIT S.P.A.
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Financials
Sales 2021 17 702 M 20 064 M 20 064 M
Net income 2021 2 130 M 2 414 M 2 414 M
Net Debt 2021 - - -
P/E ratio 2021 15,9x
Yield 2021 3,85%
Capitalization 30 507 M 34 569 M 34 579 M
Capi. / Sales 2021 1,72x
Capi. / Sales 2022 1,73x
Nbr of Employees 82 107
Free-Float 96,1%
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Number of Analysts 26
Last Close Price 13,70 €
Average target price 16,02 €
Spread / Average Target 16,9%
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Managers and Directors
Andrea Orcel Chief Executive Officer
Stefano Porro Group Chief Financial Officer
Pietro Carlo Padoan Chairman
Ranieri de Marchis Co-COO & General Manager
Carlo Vivaldi Co-Chief Operating Officer
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