Emirati bank FAB in advanced talks to buy Turkey's Yapi Kredi, sources say
21/05/2024 08:18
By Ebru Tuncay, Birsen Altayli and Jonathan Spicer
ISTANBUL, May 21 (Reuters) - First Abu Dhabi Bank (FAB)
FAB.AD is in advanced talks to acquire Turkish conglomerate
Koc Group's KCHOL.IS 61.2% stake in Istanbul-based lender Yapi
Kredi YKBNK.IS for about $8 billion, according to three
sources close to the matter.
Final details of the potential deal for Turkey's
fourth-biggest private bank are being hammered out after several
months of negotiations, the sources said on condition of
anonymity because the talks are confidential.
One of the sources said that Turkish conglomerate Koc had
sought about $8.5 billion for its shares in Yapi Kredi and that
FAB had offered about $7.5 billion.
FAB, the United Arab Emirates' largest bank by assets, and
Koc Group declined to comment.
(Reporting by Ebru Tuncay, Birsen Altayli and Jonathan Spicer
Additional reporting by Anousha Sakoui in London and Hadeel Al
Sayegh in Dubai
Editing by Daren Butler and David Goodman
)
((jonathan.spicer@reuters.com;))