Baku, Azerbaijan, May 31
By Anvar Mammadov - Trend:
Italy's UniCredit bank has no plans to sell its share in the Turkish Yapi Kredi bank, Carlo Vivaldi, head of UniCredit for Central and Eastern Europe, said.
He made the remarks during a meeting with Turkish reporters in Milan, Turkish media reported May 31.
Vivaldi said that Turkey is a key market for the bank.
"We are working in Turkey since 2003 and the Turkish market is almost native for us," he noted. "It is already 13 years that we cooperate with Koc Group and this cooperation is very important for us."
UniCredit is presented in 12 countries of the region, including Turkey, and 25 percent of its profits come from this region, said Vivaldi.
"We hope to bring this region's share in the total volume of our shares from 27 up to 33 percent by 2018," he added.
Earlier, Turkey's Haberturk newspaper reported that UniCredit can sell its share in Yapi Kredi bank due to the proximity to the 10-percent limit of participation in the capital of other banks that do not comply with the requirements of the Italian law.
UniCredit bank entered the Turkish banking sector in 2011. Shares of the Turkish Yapi Kredi bank passed to Koc Group (Turkey) and UniCredit Group on parity basis.
Yapi Kredi bank's subsidiary is operating in Azerbaijan. The share of UniCredit bank in the Azerbaijani bank is 32.72 percent.
Edited by SI