November 25, 2019 / 7:25 AM / 19 days ago

UniCredit confirms talks with Koc over Turkey JV

FILE PHOTO: Unicredit bank logo is seen on a banner downtown Milan, Italy, May 23, 2016. REUTERS/Stefano Rellandini//File Photo

ROME (Reuters) - UniCredit (CRDI.MI) confirmed on Monday it was in talks with Koc Holding (KCHOL.IS) over their joint venture Koc Financial Services in Turkey.

On Friday Reuters reported that the lender had struck a deal to reduce its exposure to Yapi Kredi (YKBNK.IS), a move seen as a first step towards the Italian bank’s full exit from recession-hit Turkey.

As part of the plan, UniCredit will sell its 50% stake in its joint venture Koc Financial Services - which controls Yapi Kredi - to partner Koc Holding, two of the sources said.

UniCredit has reached no final agreement with Koc Group and will update the market if or when appropriate, it said in a statement on Monday.

Reporting by Giulia Segreti; editing by Jason Neely

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