Yap? Kredi Sigorta is the 5th largest property and casualty insurance company in Turkey with total premiums of EUR531 million.
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Under the terms of the transaction, Allianz will acquire Yap? Kredi’s 93.9m shareholding in Yap? Kredi Sigorta. The remaining 6.1% of Yap? Kredi Sigorta will be listed on the Istanbul Stock Exchange and will be subjected to a mandatory tender offer by Allianz shortly after closing.
Yap? Kredi will retain a 20% stake in Yap? Kredi Emeklilik, the life and pension business which is a subsidiary of Yap? Kredi Sigorta.
Commenting on the agreement, Allianz SE member of the board of management, Oliver Bate, said: "The transaction with Yap? Kredi is a unique opportunity to move into a market-leading position in one of Europe’s key growth markets which is also an important bridge between Europe and Middle East/Central Asia."
Allianz and Yap? Kredi have also reached an agreement to enter into a 15-year exclusive distribution agreement, which will provide Allianz exclusive access to Yapi & Kredi’s 928 branches and 6.5 million customers in Turkey.
The transaction is expected to close during the second half of 2013 and is subject to regulatory and competition board approvals.
