Turkey’s Yapı Kredi bank selling subsidiary in Russia

ANKARA

Turkish lender Yapi Kredi has announced that it is selling its subsidiary in Russia, Yapı Kredi Bank Moscow, to Russia’s Expobank LLC for 3.3 billion Russian rubles ($57.1 million).

The agreement was signed on Oct. 25, according to a statement on the Istanbul stock exchange’s Public Disclosure Platform.

“The share purchase agreement for the sale of 99.84 percent shares owned by our Bank in Yapı Kredi Bank Moscow capital and 0.16 percent of shares owned by Yapı Kredi Finansal Kiralama A.O., to the total of 3.3 billion Russian rubles, at the Expobank LLC was signed on 25.10.2017,” the statement said.

The transfer of shares will be completed after the necessary legal permissions are obtained.