February 5, 2020 / 5:23 PM / 15 days ago

UniCredit launches sale of 12% stake in Yapi Kredi

MILAN, Feb 5 (Reuters) - Italy’s UniCredit said on Wednesday it had launched the sale of a 12% stake in Turkish bank Yapi Kredi as it pressed on with a strategy to simplify its structure and improve capital allocation.

Italy’s biggest bank by asset said in a statement the sale would be carried out through an accelerated book building procedure and would reduce UniCredit’s stake in Yapi Kredi to 20%. (Reporting by Francesca Landini, editing by Valentina Za)

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