During the meeting of the Board of Directors of Yapı ve Kredi Bankası A.Ş. (YKB) held on 3 October 2007, it has been resolved to sell Yapı Kredi Bank Deutschland AG, 65.42 % shares of which is held by YKB and 34.58 % by Yapı Kredi Holding BV, to a global investment firm with the consideration of Net Assets(1) + Euro 250,000 (and an additional Euro 250, 000 if the closing takes place by no later than October 31st 2007) as described in the SPA to be executed between the Buyer and the Seller and to authorize the Head Office to proceed with all the necessary steps.
The sale of YK Deutschland is part of YKB’s overall efforts of rationalizing its institutional network and subs. With respect to YKB, local regulatory authorities in Turkey have been informed of the transaction. With respect to the buyer, the completion of the transaction is subject to the approvals of German regulatory authorities.
(1) YK Deutschland has approximately 46 mln Euros of net assets as of August 2007.
İstanbul, 11 October 2007.
Enquiries:
Yapı Kredi Investor Relations
Tel: (90) (212) 339 7647
Email: yapikredi_investorrelations@yapikredi.com.tr
Yapı Kredi / 11 Oct 2007