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Allianz SE Buys Yapi Kredi Sigorta For $883 Million From Koc Holding AS And UniCredit SpA's Yapi ve Kredi Bankasi AS; Dai-ichi Life Insurance Co Ltd, Zurich Insurance Group AG Were In Race-Reuters


Wednesday, 27 Mar 2013 03:23am EDT 

Reuters reported that Allianz SE agreed to buy insurance business Yapi Kredi Sigorta A.S. from Turkish lender Yapi ve Kredi Bankasi AS to secure a bigger slice of a fast expanding market. The net purchase price for Yapi Kredi's 93.9% stake in Yapi Kredi Sigorta was TRY1.60 billion ($883 million). After closing of the deal, Allianz will make a mandatory tender offer for the remaining 6.1% stake. Yapi Kredi will retain a 20% stake in Yapi Kredi Emeklilik, the life and pension subsidiary of Yapi Kredi Sigorta. Under a so-called bancassurance agreement over 15 years, Allianz also gets the right to sell insurances through Yapi Kredi's network of bank branches. Yapi Kredi Bank, owned by Turkish group Koc Holding AS and Italy's UniCredit SpA, had said on Tuesday that talks were continuing on a sale of its insurance business after sources told Reuters that Allianz had agreed to buy it. The sources said at the time that Japan's Dai-ichi Life Insurance Co Ltd and Zurich Insurance Group AG had also been in the race for Yapi Kredi Sigorta. 

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