Allianz buys Yapi Kredi insurance arm majority for 1.4 bln lira

ISTANBUL, March 27 Wed Mar 27, 2013 1:55am EDT

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ISTANBUL, March 27 (Reuters) - Turkish lender Yapi Kredi Bank said on Wednesday it had signed a deal to sell its 74.01 percent stake in insurance arm Yapi Kredi Sigorta to Germany's Allianz for 1.41 billion lira ($777 million).

Three sources familiar with the matter told Reuters late on Monday that Allianz would buy Yapi Kredi Sigorta's core insurance arm and a majority stake in its pension unit in a deal likely to be announced in the coming days. ($1 = 1.8146 Turkish liras) (Writing by Daren Butler)

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