ISTANBUL, Feb 14 (Reuters) - Three global insurers are expected to make binding offers for Turkish bank Yapi Kredi’s insurance arm on Friday, banking sources said, a deal expected to rank as the largest in the country’s growing sector.
Japan’s Dai-ichi Life Insurance, Zurich Insurance and Germany’s Allianz SE are in the race for Yapi Kredi Sigorta, a joint venture between Italy’s UniCredit SpA and Turkey’s Koc Holding, three banking sources familiar with the matter said.
The business, which also includes a pensions arm, has a market value of $1.2 billion, according to Reuters data. The shares have risen 22.6 percent year-to-date and 75 percent in the last year in anticipation of a deal.
Another insurer, Sompo Japan Insurance, was short-listed for the bidding but backed out of the process, two of the sources said, speaking on condition of anonymity as the matter has not been made public.
Yapi Kredi, Allianz, Dai-ichi, Zurich and Sompo Japan all declined to comment.
Additional reporting by Taiga Uranaka in Tokyo, Kathrin Jones and Arno Schuetze in Frankfurt, Paul Arnold in Zurich; Editing by Nick Tattersall