Insurance branches of Yapı Kredi up for sale

ISTANBUL

This file photo shows headquarters of Yapı Kredi Bank. Yapı Kredi is moving forward with the sale of its shares in Yapı Kredi Sigorta and Yapı Kredi Emeklilik. Hürriyet photo

Yapı Kredi Bank, which had announced on June 27 that it was planning to sell its insurance arms Yapı Kredi Sigorta and Yapı Kredi Emeklilik, has sent a proposal to four or five foreign investment banks to act as mediators in the sale. The proposal calls on the banks to examine the insurance companies, according to daily Vatan. 

Yapı Kredi had initially been planning to sell its shares in its insurance companies back in 2008, but all the companies interested in the sale withdrew their offers following the 2008 economic crisis, which started in the United States, but soon engulfed the world. At that time, Zurich Sigorta had shown the most interest in the potential sale because it wanted to grow in Turkey. According to the source, Zurich Sigorta is again interested in Yapı Kredi’s two insurance branches.