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Turkish lender Yapi Kredi announced Wednesday that it signed a share transfer agreement to sell its holdings in Yapi Kredi Portfoy Yonetimi A.S. to AZ International Holdings S.A., part of the Azimut Group.
The bank disclosed the agreement in a statement to the Public Disclosure Platform (KAP).
Yapi Kredi Bank's 12.65% stake and Yapi Kredi Yatirim Menkul Degerler A.S.'s 87.32% stake, as well as minority shares, were included in the transfer.
The deferred payment, planned for 2027 depending on 2026 performance, was set at a maximum of TL 2.415 billion ($50.7 million).
The transaction value, calculated excluding cash and cash equivalents and long-term performance payments, was stated at TL 16.392 billion ($344.2 million).
The parties also signed a protocol for a 15-year distribution agreement under which investment products managed by Yapi Kredi Portfoy will be offered to customers through Yapi Kredi Bank's distribution channels after the share transfer is completed.
The agreement includes exclusive distribution provisions in Türkiye, with certain exceptions.
Under the cooperation, Azimut Group's portfolio management activities and Yapi Kredi's distribution network will continue within the framework of a long-term partnership.
Yapi Kredi CEO Gokhan Erun said the agreement represents an important milestone in the bank's strategic growth journey.
Erun said the bank had signed a strategic cooperation agreement that is the first of its kind in portfolio management in Türkiye.
"This cooperation, which is an important step in our bank's leadership vision in asset management, will reinforce our leading position in the sector while also creating unprecedented value for our customers," he said.
"We will combine Yapi Kredi's strong service model and distribution power with Azimut's international investment expertise," he added.
Azimut Holding CEO Giorgio Medda said the deal confirmed Azimut's position as a preferred asset management partner for leading financial institutions.
"By joining forces with Yapi Kredi, one of the distinguished players in the Turkish banking sector and one that shares our commitment to achieving growth through innovation, Azimut once again confirms that it is the asset management partner preferred by leading financial institutions," Medda said.
Medda said Azimut believes in the strength of the Turkish economy and has established a market-leading team of more than 100 professionals.
Yapi Kredi also carried out a Diversified Payment Rights (DPR) securitization transaction totaling $300 million and €100 million with two investors, with maturities ranging from 10 to 12 years.
According to a bank statement, Yapi Kredi secured the new funding from two investors in international markets as part of its international funding strategy.
The transaction, worth approximately $414 million, supported the bank's long-term and diversified funding strategy while demonstrating international investors' confidence in the bank.
Erun said the bank is continuing efforts to strengthen its long-term and diversified funding structure.
He said the ability to create long-term resources in international capital markets is among the most important indicators of banks' financial resilience.
"With this DPR transaction, we are strengthening our long-term cooperation with different investors while also bringing our funding structure to a more balanced and diversified structure," Erun said.
"This transaction, worth approximately $414 million, once again confirms global investors' confidence in Yapi Kredi and Türkiye's financial system," he added.
"In the coming period, we will continue to maintain our strong position in international markets, create sustainable financing resources that will support the real economy and generate long-term value for our customers," he said.
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