German insurer Allianz SE (ALV.XE) said Wednesday it will
acquire around 94% of Yapi Kredi Sigorta (YKSGR.IS), an insurance
unit of Yapi Kredi--Turkey's fourth largest private bank by
assets.
Allianz will buy the stake for around 684 million euros ($878
million), Allianz said in a press release.
The remaining 6% of Yapi Kredi Sigorta is listed on the Istanbul
stock exchange and will be subject to a mandatory offer by Allianz
shortly after closing. In addition, Allianz has received a 15-year
bancassurance distribution agreement with Yapi Kredi, giving it
exclusive access to 6.5 million customers.
Yapi Kredi will retain a 20% holding in Yapi Kredi Sigorta's
life and pension insurance unit, Yapi Kredi Emeklilik, the
statement added.
Write to the Frankfurt Bureau at
djnews.frankfurt@dowjones.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires