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TURKEY-BANKING SECTOR -Yapi Kredi receives 1.4 billion USD as syndicated loan.

ISTANBUL, Apr 20, 2011 (TUR) -- Turkey's Yapi ve Kredi Bankasi A.S. announced Wednesday that they signed a syndicated loan agreement worth 1.4 billion USD on Tuesday.

The loan was made possible by 47 banks in 19 countries.

Founded in 1944 as Turkey's first private bank with a nationwide presence, Yapi Kredi merged with Kocbank in October 2006. Following the merger in October 2006, 80.2% of Yapi Kredi was owned by Koc Financial Services (KFS) while minorities' stake in the Bank was 19.8%. Following the completion of the share exchange between KFS and Yapi Kredi in October 2007 for the transfer of the shares owned by KFS in Yapi Kredi (YK) Leasing, YK factoring and YK Azerbaijan to Yapi Kredi, the ownership of KFS in Yapi Kredi increased to 81.8% while the minorities share has changed to 18.2%.

Yapi Kredi is positioned as the fourth largest privately-owned commercial bank by asset size in Turkey, with leading positions in credit cards, assets under management, factoring, private pension funds, leasing, life and non-life insurance. Yapi Kredi has 6 million active customers and 847 branches across the country.

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Publication:Anadolu (Eskisehir, Turkey)
Date:Apr 20, 2011
Words:193
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