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FRANKFURT, March 27 (Reuters) - Germany's Allianz said on Wednesday it agreed to buy insurance business Yapi Kredi Sigorta from Turkish lender Yapi Kredi Bank .
The German insurance said the net purchase price for Yapi Kredi's 93.9 percent stake in Yapi Kredi Sigorta is 1.602 billion Turkish lira (684 million euros). After closing of the deal, Allianz will make a mandatory tender offer for the remaining 6.1 percent stake, it added.
Yapi Kredi will retain a 20 percent stake in Yapi Kredi Emeklilik, the life and pension subsidiary of Yapi Kredi Sigorta. (Reporting by Ludwig Burger; Editing by Christoph Steitz)