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Çukurova sells shares in Yapı Kredi

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Tuesday, February 1, 2005
ANKARA - Turkish Daily News
The Çukurova Group notifies the BBDK that it has sold its shares in the Yapı Kredi bank

The Çukurova Group notified the Banking Regulation and Supervision Agency (BBDK) on Monday that it had sold its shares in the Yapı Kredi bank in line with an agreement it had reached with the institution.

The failure of the group to notify the BBDK until the close of trading on the Istanbul Stock Exchange (IMKB) on Monday caused a drop in the share values of both Yapı Kredi and Turkcell.

Following the seizure of the Çukurova-owned Pamukbank by the Turkish Savings Deposit Insurance Fund (TMSF), the BDDK and the group had signed an agreement whereby the group agreed to decrease its shares in Yapı Kredi by Jan. 31, 2005 in order to be eligible to buy back its 13.1 percent share of mobile phone operator Turkcell.

 


 

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